CHARLOTTE, N.C., Aug. 31, 2022 /PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE: JELD), 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.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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. Forward-looking statements are generally identified by our use of forward-looking terminology such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "plan", "potential", "predict", "seek", or "should", or the negative thereof or other variations thereon or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans, expectations, assumptions, estimates, and projections of our management. Although we believe that these statements are based on reasonable expectations, assumptions, estimates and projections, they are only predictions and involve known and unknown risks, many of which are beyond our control that could cause actual outcomes and results to be materially different from those indicated in such statements.
Risks and uncertainties that could cause actual results to differ materially from such statements include risks associated with the impact of the COVID-19 pandemic on the company and our employees, customers, and suppliers, and other factors, including the factors discussed in our Annual Reports on Form 10-K and our other filings with the Securities and Exchange Commission.
SOURCE JELD-WEN Holding, Inc.