JELD-WEN Holding, Inc. Files 8-K

TL;DR

JELD-WEN filed an 8-K for exit/disposal costs and financial updates.

AI Summary

JELD-WEN Holding, Inc. filed an 8-K on April 11, 2024, to report on cost associated with exit or disposal activities, Regulation FD disclosure, and financial statements and exhibits. The filing does not contain specific dollar amounts or detailed descriptions of the exit or disposal activities.

Why It Matters

This filing indicates that JELD-WEN Holding, Inc. is undergoing restructuring or disposal activities, which could impact its future financial performance and operational structure.

Risk Assessment

Risk Level: medium — The filing mentions 'Cost Associated with Exit or Disposal Activities,' which suggests potential financial restructuring or operational changes that could carry risks.

Key Players & Entities

• JELD-WEN Holding, Inc. (company) — Registrant
• April 11, 2024 (date) — Date of report
• Delaware (jurisdiction) — State of incorporation
• Charlotte, North Carolina (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock (par value $0.01 per share) JELD New York Stock Exchange
• $45 million — Company expects to incur approximately $45 million in pre-tax restructuring expenses and o
• $11 million — pre-tax income improvements of at least $11 million. In connection with the Vista Closure,
• $21 million — Company expects to incur approximately $21 million of pre-tax restructuring expenses and o
• $14 million — d to be incurred in 2024. Approximately $14 million of the expected expense and investment
• $4 million — pre-tax income improvement of at least $4 million. In connection with the Hawkins Closur
• $24 million — Company expects to incur approximately $24 million of pre-tax restructuring expenses and o
• $15 million — d to be incurred in 2024. Approximately $15 million of the expected expense and investment
• $7 million — pre-tax income improvement of at least $7 million. The estimates of the charges and expe

Filing Documents

• jeld-20240411.htm (8-K) — 37KB
• exhibit991-windows_april.htm (EX-99.1) — 5KB
• exhibit991-windows_april001.jpg (GRAPHIC) — 238KB
• exhibit991-windows_april002.jpg (GRAPHIC) — 122KB
• 0001674335-24-000089.txt ( ) — 663KB
• jeld-20240411.xsd (EX-101.SCH) — 2KB
• jeld-20240411_lab.xml (EX-101.LAB) — 21KB
• jeld-20240411_pre.xml (EX-101.PRE) — 12KB
• jeld-20240411_htm.xml (XML) — 3KB

05 Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities. On April 11, 2024, JELD-WEN Holding, Inc. (the " Company ") announced to employees its plans to close manufacturing facilities in Vista, California (the " Vista Closure ") and Hawkins, Wisconsin (the " Hawkins Closure ," together with the Vista Closure, the " Site Closures ") in a continuing effort to simplify the Company's footprint and drive operational efficiencies. In connection with the Site Closures, the Company expects to incur approximately $45 million in pre-tax restructuring expenses and other closure costs, including building restoration, equipment relocation and employee-related costs, as well as asset-related charges. After completion of the Site Closures, the Company expects to realize annual pre-tax income improvements of at least $11 million. In connection with the Vista Closure, the Company expects to incur approximately $21 million of pre-tax restructuring expenses and other closure costs, including building restoration, equipment relocation and employee-related costs, as well as asset-related charges, substantially all of which are expected to be incurred in 2024. Approximately $14 million of the expected expense and investment related to the Vista Closure will be cash items. The Vista Closure is expected to be substantially completed no later than the end of 2024, after which the Company expects to realize an annual pre-tax income improvement of at least $4 million. In connection with the Hawkins Closure and the consolidation of production from the Hawkins facility to the Company's Rantoul, Illinois facility, the Company expects to incur approximately $24 million of pre-tax restructuring expenses and other closure costs, including building restoration, equipment relocation and employee-related costs, as well as asset-related charges, most of which are expected to be incurred in 2024. Approximately $15 million of the expected expense and investment related to the Hawkins Closure and

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On April 11, 2024, the Company issued a press release announcing the Site Closures. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Item 7.01 (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act" ) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements, including, but not limited to, statements related to the expected savings and other benefits of the Site Closures, the timing of completion of the Site Closures, and the expected costs, cash expenditures and charges of the Site Closures within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon the Company's current plans, assumptions, beliefs, and expectations. Forward-looking statements are subject to the occurrence of many events outside of the Company's control. Actual results and the timing of events may differ materially from those contemplated by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Risks and uncertainties that could cause actual results to differ materially include, but are not limited to, the information under the "Risk Factors" section of the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the " SEC ") on February 20, 2024 and Quarterly Reports on Form 10-Q filed with the SEC in 2024. Forward-looking statements should be considered in light of these risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements contained herein speak only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release issued by JELD-WEN Holding, Inc. dated April 1 1, 2024. 104 Cover Page Interactive Data file (formatted as Inline XBRL).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 11, 2024 JELD-WEN HOLDING, INC. By: /s/ James S. Hayes James S. Hayes Executive Vice President, General Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR