Global joinery manufacturer JELD-WEN hopes to tie up the purchase of Denmark-based door producer Vest-Wood in the coming weeks.
JELD-WEN has agreed to buy Vest-Wood from Door Holding A/S for an undisclosed sum and is now awaiting regulatory approvals for the deal to go through.
The acquisition will considerably strengthen JELD-WEN’s position in Europe, as Vest-Wood has production in seven countries and employs more than 4,000 people, with 90% of its turnover in the Nordic region, Germany and Austria.
JELD-WEN president and CEO Roderick Wendt said: “The acquisition of Vest-Wood will take our European business to a broader level in one single move and presents significant opportunities for further growth through knowledge sharing and collaboration.”
US-based JELD-WEN plans to support Vest-Wood’s current business strategy of organic growth and acquisitions in the company’s exisiting markets, as well as target new areas, such as central and eastern Europe.
Vest-Wood will be integrated with JELD-WEN’s European activities in selected areas, enabling procurement volumes to be pooled and providing access to a broader product range and new export markets.
Vest-Wood will continue to operate independently, with its headquarters remaining in Denmark.
