Jeld-Wen entered into asset purchase agreement for sale of Towanda for $115M

JELD-WEN (JELD) announced that, in compliance with the court-ordered divestiture of its Towanda, Pennsylvania business and related assets, JELD-WEN has entered into an asset purchase agreement for the sale of Towanda to Woodgrain for approximately $115M, subject to certain adjustments and closing conditions. “After many years of working through the court-ordered divestiture of Towanda, we have now reached an important inflection point in this process. We continue to evaluate our options in this unprecedented legal proceeding, but following a thorough review, we have concluded that it is in the best interest of the Company and its stakeholders to proceed with closing the transaction at this time. Regardless, JELD-WEN is well positioned to continue to service and supply its door customers at the high level they have come to expect from us,” said Chief Executive Officer William Christensen.