Jeld-Wen to sell majority stake to Canadian company

Klamath Falls-based Jeld-Wen Inc. announced the company will sell a majority stake to a Canadian investment firm in an $864 million deal.

Klamath Falls-based Jeld-Wen Inc. announced the company will sell a majority stake to a Canadian investment firm in an $864 million deal.

The sale ends local control of Oregon's largest privately held company, which unloaded most of its resort properties last year as it worked to shore up its core building products business. But the new owner, Onex Corp., said it will keep Jeld-Wen's headquarters in Klamath Falls and retain chief executive Rod Wendt. He's the son of company co-founder Richard Wendt, who died a year ago this month at age 79.  
The sale gives Jeld-Wen the resources to ride out the building trade's continued weakness, according to Ron Saxton, the company's chief administrative officer and a member of its board. And he said it provides Jeld-Wen the cash to rebuild when good times return. 
"In this down market we think there are some real opportunities for the company," said Saxton, a onetime Republican gubernatorial nominee. "That takes money, which is hard to come by when things are bad."

Read more at OregonLive.com.

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Last modified onMonday, 19 October 2015 11:39

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