Jeld-Wen to Acquire Craftmaster
In a move to expand door manufacturing capacity, Jeld-Wen Inc. has entered into a letter of intent to acquire Craftmaster Manufacturing Inc. 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, Pa. In addition to expanding Jeld-Wen’s manufacturing footprint in the United States, the acquisition will give Jeld-Wen access to new and proprietary technology and increase its focus on environmentally-friendly wood composite exterior products, officials state.
“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,” says Jim Morrison, Jeld-Wen executive vice president. “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.”
“We see the new relationship with Jeld-Wen as a great fit for both organizations," adds Bob Merrill, CMI’s president and CEO. "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.”
Based in Klamath Falls, Ore., Jeld-Wen is one of the largest window and door manufacturers in the world with 20,000 employees in more than 100 locations in the Americas, Europe, Asia and Australia. Last year, Onex Corp., a Toronto-based investment company, invested $871 million to acquire a 58 percent stake in Jeld-Wen.
In addition to its Pennsylvania plant, CMI operates door-manufacturing facilities in Christiansburg, Va., Ozark, Ala., Garland, Texas, and Plainfield, Ill.
CMI is also an equity investor in Jilin Fudun Timber Co. Ltd., said to be one of the largest and most respected timber and wood products companies in China. CMI is currently owned by T.M. Cobb Co., a California-based manufacturer and distributor of doors, windows and millwork products, and Woodgrain Millwork Inc., a manufacturer of doors, windows and millwork based in Idaho.