Jeld-Wen to Acquire Domoferm Group

10/12/17

Jeld-Wen Holding Inc., a Charlotte-based door and window manufacturer, has agreed to acquire the Domoferm Group for an undisclosed price, expanding its steel door and frame business.

Domoferm, based in Austria, was founded in 1960 and has over 1,000 in employees at four manufacturing plants located in Austria, German and the Czech Republic.

Jeld-Wen expects the acquisition to be accretive to earnings per share in 2018, while adding a potential $130 million to annual revenue. The deal is expected to close in early 2018.

“Domoferm’s capabilities in steel frames and doors significantly expand our European product range, including certified door systems,” said Mark Beck, president and chief executive officer, in a statement.

Founded in 1960, Jeld–Wen has over 120 manufacturing facilities located in 19 countries— mainly in North America, Europe and Australia.

Jeld-Wen also acquired a leading Australian manufacturer of closets and shower enclosures in September 2017.

Domoferm is Jeld–Wen’s 10th 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 closed at $35.80 on Wednesday, up 2 cents from the previous close. Shares opened at $35.88 on Thursday.

It's on us. Share your news here.

Submit your stories and articles to citybizlist today.