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CHARLOTTE, N.C. - Window and door giant Jeld-Wen - number 5 on the FDMC 300 - reported sales of more than $1 billion for the quarter ending March 27. JELD-WEN delivered a strong start to 2021, building on continued operating momentum and disciplined execution, generating significant improvement in revenue, margin, and cash flow, said CEO Gary S. Michel. We remain optimistic on performance for the remainder of the year.
Net revenue for the quarter increased $113.2 million, or 11.6 percent, to $1.09 billion, compared to $979.2 million for the same period last year. Jeld-Wen said the increase was primarily driven by 6 percent core revenue growth and a 5 percent positive impact from foreign exchange.
Introduction
For the first time in history, a private party has successfully challenged an acquisition and obtained an order requiring a divestiture of a company that had been acquired years before the case was filed. In a highly anticipated decision, a court of appeals has affirmed that order.
Even though this case,
Steves & Sons, Inc v JELD-WEN, Inc, is a first-of-its-kind result, the decision is centred on principles of antitrust law and procedure that are unremarkable:
Private parties can sue for divestiture. This has been a well-known principle based on Supreme Court precedent since at least the early 1990s.
There is no specific statute of limitations to challenge an acquisition.
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The U.S. Court of Appeals has affirmed an original ruling against window and door manufacturer Jeld-Wen, which ordered the company to divest its manufacturing plant in Towanda, Pennsylvania.
Brought by fellow door maker Steves & Sons Inc., a 2018 federal lawsuit accused Jeld-Wen of reducing competition in the U.S. market for interior moulded doorskins following the company s acquisition of CMI (CraftMaster Inc.). Acquired as part of the 2012 acquisition, the Towanda plant is one of four domestic doorskin manufacturing facilities currently owned by Jeld-Wen.
The Appeals court did change one part of the previous court s ruling. The jury s prior ruling had ordered Jeld-Wen to pay Steves $139.4 million in damages for future lost profits. This ruling has been undone.