JELD-WEN Holding, Inc. (NYSE: JELD) shares edged ahead Monday, as the company, a leading global manufacturer of building products, today 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 Inc. for approximately $115 million, 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 CEO William J. Christensen.
He continues, "While we are disappointed with the court ruling, we remain fully committed to advancing our transformation efforts to solidify our strong and resilient foundation. We will persist in investing in our business, focusing on initiatives that drive both cost reductions and sustainable growth.”
JELD shares nicked ahead six cents to $10.36.
