JELD-WEN Holding, Inc. Responds to Latest Ruling in Steves & Sons Litigation
JELD-WEN Holding, Inc. (the “Company”) responded to the latest ruling in its ongoing litigation with Steves & Sons, Inc. (“Steves”). The ruling awards further relief of $7 million to Steves as a follow-on to last year’s jury verdict. The Company is appealing the underlying judgment and will appeal the latest ruling as well.
The Company believes that many of the rulings that have been made during the course of this litigation are unprecedented and fundamentally incorrect as a matter of law, such as the exclusion of evidence of Steves’ theft of JELD-WEN’s trade secrets from the antitrust/breach of contract trial, and the fact that the transaction that JELD-WEN’s 2012 acquisition of CraftMaster Manufacturing Inc. was twice investigated by the Antitrust Division of the Department of Justice, which in both instances closed its investigations without taking any action. As JELD-WEN has maintained throughout, the facts underlying this dispute do not establish either a violation of the antitrust laws or a breach of contract. JELD-WEN’s appeal of the final judgment in the underlying action is now fully briefed and awaiting oral argument.
The most recent decision granting further relief is once again overreaching and procedurally improper. JELD-WEN intends to appeal this judgment, as it did with the judgment in the underlying actions, and will seek a stay of this decision pending resolution of that appeal.
Gary Michel, president & chief executive officer, commented, “JELD-WEN continues to make its first priority serving our customers and providing the industry-leading products for which our clients have come to depend on us. This case has not – and will not – shift our focus away from delivering for our customers. Throughout these court proceedings and appeal process, we have continued the market-leading innovation and high service levels our customers have come to know and value.”
JELD-WEN, founded in 1960, is one of the world’s largest door and window manufacturers, operating manufacturing facilities in 20 countries located primarily in North America, Europe and Australia. Headquartered in Charlotte, N.C., JELD-WEN designs, produces and distributes an extensive range of interior and exterior doors, wood, vinyl and aluminum windows and related products for use in the new construction and repair and remodeling of residential homes and non-residential buildings. JELD-WEN is a recognized leader in manufacturing energy-efficient products and has been an ENERGY STAR® Partner since 1998. Our products are marketed globally under the JELD-WEN® brand, along with several market-leading regional brands such as Swedoor® and DANA® in Europe and Corinthian®, Stegbar®, and Trend® in Australia. For more information visit www.jeld-wen.com.
Chris Teachout – Investor Relations – firstname.lastname@example.org – (704) 378-7007
Source: JELD-WEN Holding, Inc.