Jeld-Wen Holding, Inc. will commence a process for the divestiture of its Towanda, Pennsylvania operations, a leading provider of wood fiber composite building products that includes the MiraTEC exterior trim and Extira product lines. The company will work with the court-appointed special master to complete a sale and intends to maximize the value of the divestiture assets.
Jeld-Wen has decided not to appeal the decision by the U.S. Court of Appeals for the Fourth Circuit, which upheld the district court's divestiture ruling in the litigation between the company and Steves and Sons, Inc.
Jeld-Wen continues to believe that the litigation lacks merit and denies that the company engaged in any wrongdoing. However, following a thorough review, Jeld-Wen has concluded at this time that it is in the best interest of the company and its stakeholders to commence a process for the divestiture of its Towanda, Pennsylvania operations and certain related assets. The special master has retained an investment bank to evaluate divestiture options for the Towanda facility and oversee an orderly sale process. Although the company will not be seeking Supreme Court review of the Fourth Circuit's decision, the company retains the legal right to challenge the divestiture process and the final divestiture order.
For the year ended December 31, 2020, the Towanda operations generated approximately $205 million of total gross sales, of which approximately $150 million was generated from third party customers.
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.
