Apogee Enterprises rises after co's $240-mln deal for UW Interco

Apogee Enterprises

25/09/2024 14:57

** Shares of architectural products and services provider
Apogee Enterprises  APOG.O  up 2.3% at $68.23
    ** APOG to buy UW Interco from Heartwood Partners for $240
million in cash
    ** APOG says transaction is expected to close during co's Q3
2025 
    ** UW Interco is a U.S.-based vertically-integrated
manufacturer of high-performance coated substrates for buildings
    ** Deal expected to boost APOG's long-term rev growth rate,
adjusted EPS and EBITDA margin, among other financial metrics
from FY26
    ** Deal to contribute ~$100 million of rev with an adjusted
EBITDA margin of about 20% in FY26
    ** Up to Tuesday's close, stock had risen ~25% YTD

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))