Apogee Enterprises Inc. has acquired the assets of the Canadian curtain wall maker Sotawall Inc. for $135 million, officials announced Wednesday.
Officials said the purchase should be a great fit for Apogee, the Bloomington-based maker of building glass for architectural applications. On Wednesday, the company also reported a third-quarter profit increase of 22 percent.
Sotawall generates about $100 million in annual revenue.
Following the news, Apogee's stock closed up 2 percent at $48.73.
"With the acquisition … we are driving our growth strategies," said CEO Joseph Puishys. "Sotawall increases our geographic presence in Canada and the U.S., and adds unique curtain wall products to our offerings."
The entity will operate as Sotawall Limited within Apogee and is expected to begin contributing to Apogee's earnings next year, Puishys said.