Jordan Co. Announces Divestitures and Closure of Operations
The Jordan Co. reports it is making several changes in its business organization, including the closing of its Memphis, Tenn., window and door plant, effective November 7, 2008. "These business decisions were driven by the continued decline in the housing market," company officials note.
Jordan's extrusion division operations, also based in Memphis, will be sold to a new business entity, Jordan Aluminum Extrusion Co. LLC. Additionally, the company has entered into a memorandum of understanding for its Western division operations, based in Tempe, Ariz., to be acquired by Younger Brothers Windows Co. LLC. "While there are still some issues to be finalized, both parties are confident that this transaction will close within the balance of the month of September," according to Jordan executives.
Jordan has been exploring several business options over the past nine months and these announcements ultimately proved to be the best decision for the overall company, officials explain. "Certainly, the hope of the Jordan management team was to secure future employment for as many of the current Jordan employees as possible. This plan allows for the least number of reductions in headcount."
A 2008 Window & Door Top 100 manufacturer, Jordan started operations in 1896 as a Memphis-based wholesale and retail lumber and millwork company. In 1959, the company made a strategic business plan to exit the market of lumber and millwork, and in 1961 the company entered the aluminum products, window and sliding door markets. The company opened its Western division plant in 1980. The Memphis plant introduced the first line of vinyl windows and doors in 1996, with the Tempe location following suit in 2003.