Gone public: Jeld-Wen sells more than 25 million shares

CHARLOTTE, N.C. — Jeld-Wen Windows and Doors, which operates a manufacturing facility in Rantoul’s industrial park, has gone public.

The company began selling shares on the New York Stock Exchange last month. Its initial public offering of 25 million shares was priced at $23 per share, amounting to total proceeds of $575 million. The company sold 23.3 million shares. One of its investors, Onex, which is a Canadian private equity fund, sold shares totaling 2.7 million.

The shares ended the day at $26.12, according to The Charlotte Observer. The trade is listed under the ticker symbol “JELD.”

The company said the stock sale will be used “to reduce debt and for general corporate purposes.”

The initial public offering was completed Feb. 1.

Bank of America and Wells Fargo, which are underwriting the offering, had the option to buy up to an additional 3.75 million shares in Jeld-Wen, the company said in an announcement.

Jeld-Wen announced in June it planned to go public while also considering a sale of the company, the Wall Street Journal reported.

Jeld-Wen posted a profit of $144 million for the year ended Sept. 24, 2016, on total revenue of $3.6 billion, according to the prospectus for the initial public offering.

The company moved its headquarters from Oregon to Charlotte in 2015 and built a new corporate campus that added 200 jobs.

Last April, the company unveiled its new learning center in Rantoul that it said would bring hundreds of people to the community for training each year.

The Midwest Learning Center was the first of three such centers to be opened in the country.
The learning center was part of a major renovation of the Rantoul plant that also included an upgraded customer service department. The Rantoul plant was selected because of its location, availability to transportation and nearby lodging.

A wide range of “students” from throughout the Midwest are trained at the center, including Jeld-Wen customers, dealers and architects.

The facility supports retail customers such as Home Depot and Menards as well as traditional dealers.

The Rantoul plant operates one of the company’s three wood window support divisions as well as a support center for vinyl windows and doors.

It processes more than 150,000 calls as well as about 50,000 orders and 7,500 quotes a year.

Jeld-Wen purchased the Rantoul plant in 1997 from Alcoa. The plant has been in operation since 1976.

dhinton@rantoulpress.com

 

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