JELD-WEN Announces Strategic Review of its Australasia Business
JELD-WEN Holding, Inc. (“JELD-WEN”), a leading global manufacturer of building products, today announced that it has initiated a comprehensive review of strategic alternatives for its Australasia business.
“We are executing on our strategy to maximize shareholder value and position JELD-WEN for long-term success,” said David Nord, chair of the JELD-WEN board of directors. “As part of this effort, the board is evaluating a range of options for our Australasia business, which represents approximately 10 percent of global revenues. This review is consistent with our goal to streamline and simplify our operations across the company.”
Nord continued, “The Australasia business has achieved market-leading positions and delivered consistently strong results. Australasia is well-placed for long-term growth, and this strategic review will assess options for this high-quality business with the objective of unlocking value for all stakeholders.”
The Australasia business is the leading Australian designer, manufacturer and distributor of windows and doors. It employs roughly 5,000 people and is comprised of 41 manufacturing locations across Australia, Malaysia and Indonesia. Its notable brands include Corinthian®, Stegbar® and Breezway®, among many others.
No assurances can be given regarding the outcome or timing of the review, but JELD-WEN plans to conduct this process expeditiously. The company does not intend to make any further comment unless and until it determines that further disclosure is material and appropriate for disclosure or as may be required by law.
JELD-WEN has retained Macquarie Capital as financial advisor and Herbert Smith Freehills as legal advisor to assist with the strategic review of the Australasia business.
About JELD-WEN, Inc.
Headquartered in Charlotte, N.C., JELD-WEN is a leading global manufacturer of high-performance interior and exterior building products, offering one of the broadest selections of windows, interior and exterior doors, and wall systems. JELD-WEN delivers a differentiated customer experience, providing construction professionals with durable, energy-efficient products and labor-saving services that help them maximize productivity and create beautiful, secure spaces for all to enjoy. The JELD-WEN team is driven by innovation and committed to creating safe, sustainable environments for customers, associates, and local communities. The JELD-WEN family of brands includes JELD-WEN® worldwide; LaCantina™ and VPI™ in North America; Swedoor® and DANA® in Europe; and Corinthian®, Stegbar®, and Breezway® in Australia.
Source: JELD-WEN Holding, Inc.