Jeld-Wen makes leadership change and announces acquisitions
Jeld-Wen’s President and CEO Mark Beck has left the company and a former CEO and current board chairman, Kirk Hachigian, has temporarily assumed the duties of CEO, it was announced in a press release. Hachigian was the former CEO prior to Beck.
Jeld-Wen, a world-wide manufacturer of windows and doors that was originally headquartered in Klamath Falls, announced the changes Feb. 28. Now based in Charlotte, N.C., it also announced the acquisition of A&L Windows and updated its outlook for first quarter and full year 2018 for the impact of the A&L acquisition.
The company announced the departure of Beck effective Feb. 27, by mutual agreement, according to the release. Beck, a native of Sandy, and a graduate of both Pacific University and Harvard Business School, joined the company in November 2015.
“We appreciate Mark’s contributions to the company during his tenure,” Hachigian said. “Jeld-Wen remains committed to delivering long-term value to our shareholders through solid execution on all aspects of our operating model. Our strong and experienced executive management team will work closely with me to make this leadership transition seamless for our customers, shareholders and employees.”
The company, which employs about 1,000 in Klamath County and 3,000 statewide, also signed an agreement to acquire all of the outstanding shares of American Building Supply. ABS supports distributors, dealers and home centers with a broad product range of doors, frames and hardware for both the residential and commercial markets, the release said.
Through its Doormerica division, ABS manufactures a broad selection of decorative, specialty and architectural doors, including the Millennium Door series.
“With ABS’s capabilities in quick-ship customizable configurations, hardware options, and specialized component offerings, we will improve our service offerings and lead times for our channel partners. We look forward to welcoming the entire ABS team to the Jeld-Wen family.”
Jeld-Wen expects the transaction to close late in the first quarter of 2018, subject to customary closing conditions. Terms of the acquisition were not disclosed. As a result of the acquisition, Jeld-Wen expects to add approximately $275 million in annual revenue.
The company also completed the acquisition of A&L, a leading Australian manufacturer of residential aluminum windows and patio doors. Founded in 1980, A&L has a long history of supporting homebuilders and contractors with innovative products and high-quality service.
A&L was privately held by its founders. Terms of the acquisition were not disclosed. The company expects the acquisition to add approximately $130 million in annual revenue, the release said.