JELD-WEN Holding, Inc. (NYSE:JELD) completed the previously announced sale of its Australasia business to Platinum Equity, a global investment firm.
The transaction generated net proceeds of approximately $446 million for JELD-WEN, and the company plans to use the funds to repay debt.
JELD-WEN’s Australasia business is a leading Australian designer, manufacturer, and distributor of windows and doors.
It employs approximately 5,000 people and comprises 41 manufacturing locations across Australia, Malaysia, and Indonesia.
Notable brands in the Australasia business include Corinthian, Stegbar, A&L, Trend, and Breezway.
JELD-WEN’s 2022 net revenue was $4.5 billion, excluding the Australasia business, and the North America and Europe segments contributed 72% and 28%, respectively.
“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.”
Price Action: JELD shares are trading higher by 2.62% to $18 in the premarket session on the last check Monday.
