US-based Apogee Enterprises to Acquire Latvian Company Groglass

Latvian high-tech company Groglass, which develops and manufactures innovative anti-reflective glass coatings, is set to become part of US-based Apogee Enterprises, strengthening its global position in glass coating technologies.

Apogee Enterprises, Inc. (Nasdaq: APOG), a global leader in innovative coating materials and a leading provider of architectural and building products and services, has announced that it has entered into an agreement to acquire Latvian company Groglass. The transaction is valued at €62.5 million, including €10 million in additional consideration payable if Groglass achieves certain financial targets over a three-year period. Apogee is headquartered in the United States and is a publicly traded company.

Based in Riga, Groglass is a European leader in anti-reflective and UV-protective glass coatings. Its innovative glass solutions are widely used in museums, electronics, architecture and other applications around the world. The company employs 190 people and combines strong research and development (R&D) capabilities with advanced manufacturing and export expertise. Groglass’ product portfolio includes premium brands such as Artglass, known for exceptional optical clarity and durability.

“The addition of Groglass strengthens our position in key global markets by complementing Apogee’s capabilities with unique glass coating technologies and strong R&D expertise. This will enable us to expand into new markets and provide customers with even more advanced solutions,” says Don Nolan, President and CEO of Apogee Enterprises.

Riga to remain a strategic hub for innovation and manufacturing

The transaction will also support continued investment in innovation, people and manufacturing operations in Riga. Groglass is expected to remain an important R&D and manufacturing hub within the Apogee group.

“Joining Apogee gives Groglass the opportunity to become part of a financially strong, publicly traded company with a long-standing track record of investment, innovation, operational excellence and people development. As part of Apogee, Groglass will gain access to additional resources, expertise and global opportunities that will accelerate the company’s growth,” says Sergejs Kostjučenko, CEO of Groglass.

“More than 20 years ago, I began this journey with the belief that it was possible to build a high-value manufacturing business in Latvia focused on exports. This was made possible by Latvia’s strong scientific foundation. On this basis, Groglass was built. At Apogee, we have found a partner that wants to continue developing this scientific and manufacturing foundation in Latvia together with our people and technologies. This transaction demonstrates that by bringing science, technology development and manufacturing together, it is possible to build a world-class technology and manufacturing company in Latvia,” says Sasha Kelberg, Founder of Groglass.

By combining the knowledge, experience and technological expertise of both companies, the partnership will support the development of new solutions for the protection and preservation of works of art and cultural heritage, as well as other specialized glass surface products for customers worldwide across the architecture and electronics sectors.

The sellers were advised by leading financial advisor Oaklins, which also approached potential buyers and led the negotiations. Law firm COBALT provided legal counsel.

The transaction is expected to close by November 2026.