Door and window manufacturer Jeld–Wen Holding Inc. acquired the Kolder Group for an undisclosed price, expanding its show and closets business.
Kolder, established in 1992, is an Australian provider of shower enclosures, closets and related products.
The company expects the acquisition to be immediately accretive to earnings and projects an additional $23.9 million in annual revenue
“The Kolder acquisition significantly enhances our existing Australian capabilities in glass shower enclosures and built-in closet systems, and supports our strategy to build leadership positions in attractive markets,” said Mark Beck, president and chief executive officer, in a statement.
Founded in 1960, Charlotte-based Jeld–Wen has 120 manufacturing facilities located in 19 countries— mainly in North America, Europe and Australia.
Kolder is Jeld–Wen’s ninth acquisition in two years.
According to an Aug. 8 SEC filing from Jeld–Wen, second quarter revenue decreased $15.9 million to $948.7 million, a 1.6 percent decrease from the $964.6 million in revenue posted for the same period last year.
The company’s shares fell 44 cents to $30.52 on Thursday. Shares opened Friday at $30.73.