CHARLOTTE, N.C., July 2, 2023
/PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE: JELD), a leading
global manufacturer of building products, today announced that
it has completed the previously announced sale of its Australasia
business to Platinum Equity, a global investment firm.
"The closing of this transaction represents a significant
milestone in our strategy to simplify and streamline the company
while maximizing shareholder value," said JELD-WEN Chief Executive
Officer William J. Christensen. "The
sale of the Australasia business enables us to focus on our two
largest and core regions, North
America and Europe, and to
strengthen our balance sheet."
The transaction generated net proceeds of approximately
$446 million for JELD-WEN and the
company plans to use the funds to repay debt. Excluding the
Australasia business, JELD-WEN's 2022 net revenue was $4.5 billion, and the North America and Europe segments contributed 72% and 28%
respectively.
Advisers
Macquarie Capital served as financial adviser to JELD-WEN, and
Herbert Smith Freehills served as legal counsel. Gresham Advisory
Partners served as financial adviser to Platinum Equity, and Allens
served as legal counsel.
About JELD-WEN Holding, Inc.
JELD-WEN is a leading global designer, manufacturer and
distributor of high-performance interior and exterior doors,
windows, and related building products serving the new construction
and repair and remodeling sectors. Headquartered in Charlotte, N.C., the company operates
facilities in 16 countries in North
America and Europe and
employs approximately 18,000 people. Since 1960, the JELD-WEN team
has been committed to making quality products that create safe and
sustainable environments for customers, associates and local
communities. The JELD-WEN family of brands includes JELD-WEN®
worldwide; LaCantina™ and VPI™ in North
America; and Swedoor® and DANA® in Europe. For more information,
visit jeld-wen.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are generally
identified by the use of forward-looking terminology, including the
terms "anticipate," "believe," "continue," "could," "estimate,"
"expect," "intend," "likely," "may," "plan," "possible,"
"potential," "predict," "project," "should," "target," "will,"
"would" and, in each case, their negative or other various or
comparable terminology. All statements other than statements of
historical facts are forward-looking statements, including
statements regarding our business strategies and ability to execute
on our plans, market potential, future financial performance,
customer demand, the potential of our categories, brands and
innovations, the impact of our footprint rationalization and
modernization program, the impact of acquisitions and divestitures
on our business and our ability to maximize value and integrate
operations, our pipeline of productivity projects, the estimated
impact of tax reform on our results, litigation outcomes, and our
expectations, beliefs, plans, objectives, prospects, assumptions,
or other future events, all of which involve risks and
uncertainties that could cause actual results to differ materially.
For a discussion of these risks and uncertainties, please refer to
our Annual Report on Form 10-K for the year ended December 31, 2022 and our other filings with the
U.S. Securities and Exchange Commission.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/jeld-wen-completes-sale-of-australasia-business-to-platinum-equity-301868605.html
SOURCE JELD-WEN Holding, Inc.