Company will close two manufacturing
facilities and streamline window product offerings as part of
transformation journey
CHARLOTTE, N.C., April 11,
2024 /PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE:
JELD) today announced actions to simplify its North America windows operations by closing
its Vista, California, and
Hawkins, Wisconsin, manufacturing
facilities.
Today's announcement is a further step in JELD-WEN's
transformation journey to strengthen the foundation of the company
and position itself for long term, profitable growth. In connection
with these site closures, the company expects to incur one-time
costs of approximately $45 million
and generate annual pre-tax income improvements of at least
$11 million.
The Vista, California, site
manufactures composite windows (marketed and sold under the brand
name Auraline) and has approximately 110 associates. Multiple
market factors have made it prohibitive to competitively sustain
the composite windows product line and it will be discontinued. As
a result, JELD-WEN plans to close the Vista composite windows facility. Orders
placed within 90 days of April 11,
2024, will be accepted and fulfilled under currently stated
lead times.
JELD-WEN expects to incur one-time costs in 2024 of
approximately $21 million related to
the Vista closure and after
project completion, recognize an annual pre-tax income improvement
of at least $4 million.
The Hawkins, Wisconsin, site
manufactures wood windows and employs approximately 340 associates.
JELD-WEN will consolidate production from Hawkins into its wood windows manufacturing
facility in Rantoul, Illinois.
One-time costs related to this site consolidation are estimated at
approximately $24 million, most of
which should be incurred in 2024. Annual pre-tax income
improvement, after completion of these activities, is expected to
be at least $7 million.
JELD-WEN will address any updates about the closures during its
quarterly earnings call scheduled for May 7,
2024.
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About JELD-WEN, Inc.
JELD-WEN Holding, Inc.
(NYSE: JELD) 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. Based in
Charlotte, North Carolina, the
company operates facilities in 15 countries in North America and Europe and employs approximately 18,000
associates dedicated to bringing beauty and security to the spaces
that touch our lives. 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 corporate.JELD-WEN.com or
follow LinkedIn.
Forward Looking Statements
This press release
includes forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of
1995, including, but not limited to, statements related to the
expected savings and other benefits of the site closures, the
timing of completion of the site closures, and the expected costs,
cash expenditures and charges of the site closures. These
forward-looking statements are based upon the company's current
plans, assumptions, beliefs, and expectations. Forward-looking
statements are subject to the occurrence of many events outside of
the company's control. Actual results and the timing of events may
differ materially from those contemplated by such forward-looking
statements due to numerous factors that involve substantial known
and unknown 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, 2023, and
our other filings with the U.S. Securities and
Exchange Commission.
Media Contact:
JELD-WEN Holding, Inc.
Caryn Klebba
Head of global public relations
704-807-1275
mediana@jeldwen.com
Investor Relations Contact:
James Armstrong
Vice President, Investor Relations
704-378-5731
jarmstrong@jeldwen.com
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SOURCE JELD-WEN Holding, Inc.