Onex to buy majority stake in Ore.-based Jeld-Wen
Monday, August 1, 2011
PORTLAND, Ore. (AP) -- One of the largest companies in Oregon is getting a Canadian owner.
The Oregonian reported Monday (http://bit.ly/qO43VE ) that Toronto investment firm Onex Corp. will pay $675 million to take a majority stake in Jeld-Wen, based in Klamath Falls.
Onex agreed in May to pay $475 million for a 39 percent stake. It will also issue a $189 million note convertible to additional stock.
The collapse of the U.S. housing market hammered Jeld-Wen, which is privately held and makes doors and windows. It has sold holdings in resorts and real estate to concentrate on its core business.
Existing shareholders, including the trust of co-founder Richard Wendt and family members, will retain a stake in the company. Wendt helped launch the business in 1960, and died a year ago at age 79.
Information from: The Oregonian, http://www.oregonlive.com