JELD-WEN Announces Strategic Review of its Australasia BusinessSeptember 1st, 2022 by Editor
JELD-WEN Holding Inc., a global manufacturer of building products, has 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% of global revenues. This review is consistent with our goal to streamline and simplify our operations across the company.”
The Australasia business 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 others.
“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,” Nord continued.
The JELD-WEN announcement said the company intends to conduct the process expeditiously, but are making no assurances regarding the outcome or timing of the review. JELD-WEN says it 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.