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WIKI ANALYSIS
Apogee Enterprises (APOG), through its subsidiaries, is a leader in technologies for the design and development of value-added glass products, services, and systems. Earlier the company operated through three segments: Architectural, Large-Scale Optical Technologies or LSO, and the Auto Glass unit. During the third quarter of fiscal 2007, APOG announced its intention to discontinue the manufacturing of automotive replacement glass products of the Auto Glass unit. The Auto Glass segment fabricates aftermarket foreign and domestic auto replacement windshields and windows, as well as recreational vehicle and bus windshields. In the fourth quarter of FY07, the company decided to sell the last operating piece of its Auto Glass segment for recreational vehicle and bus markets, and began shifting this capacity to support architectural glass fabrication. As a result, during Q4FY07, the results of the Auto Glass segment were classified as discontinued operations. The recreational vehicle and bus windshield business was finally sold in the third quarter of FY08. The company presently has two reportable segments as discussed below:
The Architectural segment is the largest of the two business segments (89% of FY07 revenue) involved in the designing, engineering, fabricating, installing, and renovating the walls of glass and windows that makes up the outside of commercial buildings. Also, it provides installation, maintenance, and renovation services for window and curtainwall systems, as well as paint and anodizing coating services for metal and plastic components used in window and curtainwall systems as well as other products. The company provides many types of architectural glass including insulating glass, laminated glass, energy-efficient coated glass, and silk-screened and tempered glass. Architectural is also the most cyclical of the two segments.
The LSO segment (11% of FY07 revenue) manufactures value-added glass and acrylic products for the custom framing market, sells pre-framed art, and produces optical thin film coatings for consumer electronic displays. Essentially, it provides coated glass and acrylic for use in picture framing applications. The optical thin film coatings end up in displays for projection televisions (PTVs) and computers. Apogee sells LSO products through distribution in the United States, but also has limited distribution in Europe, Australia, and New Zealand. In the last few years, the company has been transitioning away from consumer electronics and placing greater emphasis on the production of picture framing glass products.
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