AUSTRALIA - Jeld-Wen Holding, Inc., a leading global manufacturer of building products, recently announced that it has completed its comprehensive review of strategic alternatives for its Australasia business and has entered into a definitive sale agreement with Platinum Equity to sell 100% of the business for approximately USD 461 (AUS 688 million) before tax and subject to certain adjustments.

“Today’s announcement marks continued execution against our strategy to streamline and simplify our business and maximize shareholder value,” said William J. Christensen, JELD-WEN chief executive officer.

Jeld-Wen’s Australasia business represents approximately 11 percent of the company’s global revenues and is the leading Australian designer, manufacturer and distributor of windows and doors. It employs roughly 5,000 people and comprises 41 manufacturing locations across Australia, Malaysia and Indonesia.

The transaction is expected to close in the third quarter of 2023, subject to certain closing conditions and regulatory approvals.

Jeld-Wen intends to use the majority of the proceeds from the transaction to pay down debt.