CHARLOTTE, N.C.--(BUSINESS WIRE)--JELD-WEN Holding, Inc. (NYSE:JELD) has signed a definitive agreement to acquire the Domoferm Group of companies (“Domoferm”) from holding company Domoferm International GmbH. Domoferm is a leading European provider of steel doors, steel door frames, and fire doors for commercial and residential markets. Domoferm is based in Gänserndorf, Austria, with over 1,000 employees at four manufacturing sites in Austria, Germany, and the Czech Republic. With a history dating to 1960, Domoferm has developed a long track record of delivering high-quality products and innovative designs.
“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. “We expect to deliver cost synergies through implementation of our JEM productivity initiatives. We are thrilled to welcome the Domoferm team to JELD-WEN.”
JELD-WEN expects the transaction to close in mid to late first quarter of 2018, subject to customary closing conditions. Terms of the acquisition were not disclosed.
Domoferm International GmbH was privately held by Austro Holding GmbH and Grosso Holding GmbH.
JELD-WEN expects the acquisition to add approximately €110 million in annualized revenue. Additionally, JELD-WEN expects the acquisition to be accretive to EPS in 2018, excluding the impact of purchase accounting. Domoferm is JELD-WEN’s tenth acquisition since 2015, and the third in the Europe segment during that period.
JELD-WEN, founded in 1960, is one of the world’s largest door and window manufacturers, operating over 120 manufacturing facilities in 19 countries located primarily in North America, Europe and Australia. Headquartered in Charlotte, N.C., JELD-WEN designs, produces and distributes an extensive range of interior and exterior doors, wood, vinyl and aluminum windows and related products for use in the new construction and repair and remodeling of residential homes and non-residential buildings. JELD-WEN is a recognized leader in manufacturing energy-efficient products and has been an ENERGY STAR® Partner since 1998. Our products are marketed globally under the JELD-WEN® brand, along with several market-leading regional brands such as Swedoor® and DANA® in Europe and Corinthian®, Stegbar®, and Trend® in Australia. For more information visit www.jeld-wen.com.
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Forward-looking statements regarding market potential, future financial performance, and our expectations, beliefs, plans, assumptions, or other future events are made based on management’s current expectations, assumptions, estimates, projections, and beliefs concerning future developments and their potential effects upon JELD-WEN and its subsidiaries. Although we believe that these statements are based on reasonable expectations and estimates, they are not a guarantee of future performance and involve known and unknown risks and uncertainties, many of which are beyond our control, that could cause actual outcomes and results to differ, possibly materially, from those indicated in such statements, including those discussed in our Annual Report on Form 10-K for the year ended December 31, 2016 and Quarterly Report on Form 10-Q for the quarter ended July 1, 2017, filed with the U.S. Securities and Exchange Commission. You should not place undue reliance on forward-looking statements included in this release, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statement, except as required by law.