Jeld-Wen to acquire millwork manufacturer
Jeld-Wen, a leading global manufacturer of doors, door facings, windows and related components, has entered into a letter of intent to acquire Craftmaster Manufacturing, Inc. (CMI). The purchase price was not disclosed, and the deal is expected to close in the third quarter of 2012.
CMI, based in Chicago, is a manufacturer of CraftMaster molded door facings and doors, MiraTEC exterior composite trim and Extira exterior composite panels, with its principal manufacturing facility in Towanda, Pa. The acquisition will expand Jeld-Wen’s manufacturing footprint in the U.S., give the Klamath Falls, Ore., firm access to new and proprietary technology, and increase its focus on environmentally-friendly wood composite exterior products.
“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,” said Jim Morrison, executive VP Jeld-Wen, in the announcement. “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.”