KLAMATH FALLS, OR--(Marketwire - June 15, 2012) - JELD-WEN, inc., a leading global manufacturer of doors, door facings, windows and related components, announced today that it has entered into a letter of intent to acquire CraftMaster Manufacturing, Inc. (CMI). Closing is subject to due diligence and the negotiation and signing of a definitive agreement, and is expected to occur in the third quarter of 2012.
CMI, based in Chicago, is a manufacturer and marketer of CraftMaster® molded door facings and doors, MiraTEC® exterior composite trim and Extira® exterior composite panels, with its principal manufacturing facility in Towanda, Pennsylvania. The acquisition will expand JELD-WEN's manufacturing footprint in the United States, will give JELD-WEN access to new and proprietary technology, and will increase its focus on environmentally-friendly wood composite exterior products.
"JELD-WEN is excited to add the entire line of CMI products -- door facings, doors, trim and panels -- and to further invest in the manufacturing, marketing and merchandising of products under the CraftMaster brand," said Jim Morrison, Executive Vice President of JELD-WEN. "CMI's existing management team, led by Bob Merrill, will remain in place to realize efficiencies that will benefit CMI's existing customers in all product lines. Such efficiencies include expanded molded door facing designs under both the JELD-WEN and CraftMaster brand names, broader footprint of molded door facing facilities in strategic locations around the U.S. to better serve our customers, and a more responsive and safer supply chain. Customers will benefit from JELD-WEN's enhanced competitiveness derived from greater capacity utilization and scale."
Bob Merrill, CMI's President and CEO, added, "We see the new relationship with JELD-WEN as a great fit for both organizations. CMI and JELD-WEN share the same strong principles of quality products, manufacturing excellence and outstanding customer service. We are pleased with JELD-WEN's commitment to support and grow CMI's product lines, which have been recognized leaders in the marketplace, through continued investment in technology, manufacturing and merchandising."
Founded in 1960 as a small Oregon millwork plant with 15 employees, JELD-WEN now has approximately 20,000 employees across more than 100 locations in the Americas, Europe, Asia and Australia. For 50 years, JELD-WEN has built its reputation as the world's most reliable manufacturer of windows and doors. Today the company offers a full breadth of stylish windows and doors, and has earned numerous awards and endorsements for dependability, innovation and excellence. With a strong commitment to sustainability, JELD-WEN also is a recognized leader in manufacturing energy efficient products -- providing solutions that deliver exceptional value for builders, architects and homeowners all over the globe.