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JELD

Jeld-Wen

$14.27

-0.46 (-3.12%)

12:35
12/16/18
12/16
12:35
12/16/18
12:35

Jeld-Wen ordered to divest Pennsylvania plant to restore competition

Federal Judge Robert Payne has ordered Jeld-Wen, a wholly-owned subsidiary of Jeld-Wen to divest itself of its Towanda, Pennsylvania, interior molded doorskin-manufacturing plant, to preserve and maintain the plant through divestiture to another company, and to enter a series of contracts designed to ensure that the divestiture results in a viable supplier of molded doorskins going forward. Judge Payne also ordered that a Special Master - to be appointed by the Court - will oversee the divestiture process, including sale of the plant. Jeld-Wen will be responsible for the cost of that Special Master. The Judge's order finalizes the opinion he released October 5, which detailed actions to follow a unanimous February 15, 2018 jury decision in his Richmond, Virginia court agreeing with Steves' assertion that Jeld-Wen violated federal antitrust law - specifically, the Clayton Act - by substantially reducing competition in the market for interior molded doorskins in the U.S. through its acquisition of its former competitor, CMI. The jury also sided with Steves in finding that Jeld-Wen had breached its long-term doorskin supply agreement with Steves. After winning that jury verdict, Steves sought an order of divestiture that would require Jeld-Wen to sell the doorskin plant in Towanda, Pennsylvania that it acquired as part of its unlawful acquisition of CMI. Steves argued that divestiture would restore competition in the market for interior molded doorskins in the U.S., to the benefit of competition and independent door manufacturers, including Steves. Jeld-Wen insisted that an order of divestiture would be a "disaster" for Jeld-Wen's own operations, and resisted divestiture on a variety of other grounds. In a lengthy and detailed October opinion, the Court substantially agreed with Steves. The Court observed Jeld-Wen's conduct after the merger, including the fact that "Jeld-Wen felt free to disregard existing contract obligations respecting pricing and to engage in bullying tactics to get increased prices even if that would kill off some of the Independents who were its customers." The Court then said that it would order Jeld-Wen to sell the Towanda facility in order to restore the competition that Jeld-Wen had destroyed with its illegal merger. Judge Payne detailed what the divestiture of the Towanda plant would entail - to include everything from the plant itself to inventory, materials, office furniture, computer systems, licenses, permits, contracts, certifications, customer lists and supply agreements, repair and maintenance records, patents, other intellectual property, trade secrets, operational manuals and many other items. The judge also ordered Jeld-Wen not to hire any of the plant's employees for at least two years following the divestiture. The judgment also included an award of declaratory relief, again in favor of Steves, which requires that Jeld-Wen follow certain terms of its contract with Steves for the remainder of its term. Jeld-Wen must honor the contract it signed. The judgment also resolves outstanding remnants of Jeld-Wen's failed trade secrets campaign against Steves. Jeld-Wen had filed a counterclaim in response to Steves' original Clayton Act antitrust suit, alleging that Steves had misappropriated purported trade secrets in violation of the Texas Uniform Trade Secrets Act and the Federal Defense of Trade Secrets Act. The counterclaim was separated from the Steves' antitrust claims for a separate trial.

JELD Jeld-Wen
$14.27

-0.46 (-3.12%)

11/07/18
WELS
11/07/18
NO CHANGE
Target $19
WELS
Market Perform
Jeld-Wen price target lowered to $19 form $29 at Wells Fargo
Wells Fargo lowered its price target for Jeld-Wen to $19 from $29 as it believes the equity will remain in the penalty box as the ongoing North American and European issues for most of its public life have created significant skepticism around its forecasts. Ultimately, Jeld-Wen likely needs a few quarters of consistent, improved fundamental performance before investor confidence is restored, the firm contends. Wells Fargo has a Market Perform rating on the shares.
12/03/18
WELS
12/03/18
NO CHANGE
WELS
China tariff deal a benefit for most building products companies, says Wells Fargo
Wells Fargo analyst Stephen East notes the White House announced that the U.S. would, for the time being, leave the tariff rate at 10% on $200B of Chinese goods, instead of bumping the rate to 25% on January 1st. Previously, the analyst had assumed the 25% tariff would create a material headwind for Masco (MAS), followed by American Woodmark (AMWD), Fortune Brands (FBHS) and Jeld-Wen (JELD) and PGT Innovations (PGTI), with little impact on Sherwin-Williams (SHW) and Owens Corning (OC). Mohawk (MHK) will have unquantified headwinds, but has the most U.S. manufacturing capacity, ultimately providing a net benefit versus peers, he adds. With the U.S. halting the hike to a 25% tariff rate, East believes Masco will receive the greatest reprieve, followed by Fortune Brands and Jeld-Wen. Net, he thinks the deal is a modest headwind for Mohawk's equity as Chinese flooring imports will remain more competitive.
12/09/18
GSCO
12/09/18
DOWNGRADE
GSCO
Neutral
Jeld-Wen downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Doug Clark downgraded Jeld-Wen to Neutral.
12/10/18
GSCO
12/10/18
DOWNGRADE
GSCO
Neutral
Jeld-Wen downgraded to Neutral at Goldman Sachs on housing macro risk
As reported earlier, Goldman Sachs analyst Doug Clark downgraded Jeld-Wen from Buy to Neutral as part of his broader research note on stocks with exposure to the "lumpy" housing sector. The analyst believes that there is "ample room for margin expansion", but adds that his prior initiation on the stock at Buy was likely premature since that expansion will not "contribute meaningfully to earnings until 2020". Clark further states that the positive catalyst he expected from Jeld-Wen's "announcement of a restructuring and some further visibility on the Steves litigation" will take longer to play out than he anticipated.

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