Building product manufacturer JELD-WEN Holding on July 2 announced it completed the previously announced sale of its Australasia business to Platinum Equity, a global investment firm.
“The closing of this transaction represents a significant milestone in our strategy to simplify and streamline the company while maximizing shareholder value,” said JELD-WEN CEO William J. Christensen in a news release. “The sale of the Australasia business enables us to focus on our two largest and core regions, North America and Europe, and to strengthen our balance sheet.”
The transaction generated net proceeds of approximately $446 million for JELD-WEN and the company plans to use the funds to repay debt.
Excluding the Australasia business, JELD-WEN’s 2022 net revenue was $4.5 billion, and the North America and Europe segments contributed 72% and 28% respectively.
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