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JELD

Jeld-Wen

$14.27

-0.46 (-3.12%)

13:02
12/16/18
12/16
13:02
12/16/18
13:02

Jeld-Wen announces final ruling in Steves & Sons litigation, to appeal decision

Jeld-Wen announced that the U.S. District Court for the Eastern District of Virginia, Richmond Division, has issued a final judgment in the company's ongoing antitrust and trade secrets litigation with Steves & Sons. Jeld-Wen believes that the District Court's ruling is in numerous respects both unprecedented and fundamentally incorrect as a matter of law, and results from a flawed trial process that improperly limited the Company's defenses. "Jeld-Wen firmly maintains that it has not violated any antitrust laws and that it has not damaged Steves," stated Gary Michel, President and Chief Executive Officer. "Rather than resolving a simple contractual dispute between two parties, the District Court has now delivered an erroneous ruling that improperly interferes with our company and the broader commercial marketplace." Consistent with the preliminary ruling previously announced on October 6, 2018, the final judgment orders the company to divest its facility in Towanda, Pennsylvania, the primary asset acquired in Jeld-Wen's 2012 acquisition of CraftMaster and one of the company's four domestic doorskin manufacturing facilities. The ruling requires Jeld-Wen to divest the Towanda facility to a third party, and gives Jeld-Wen and Steves the option, but not the obligation, to purchase doorskins from the acquiring company. The judgment anticipates that the divestiture will not be required until some time after the appeal process is complete. The initial appeal process is expected to take approximately 9 to 18 months. Should an appeal to the U.S. Supreme Court be necessary, the appeal process would be extended by an additional 6 to 18 months. The District Court's judgment also denied Steves' request for an injunction to extend the existing supply agreement between Jeld-Wen and Steves, which is scheduled to terminate in September 2021. As a result, should the appeal process extend beyond September 2021, Jeld-Wen will no longer be contractually obligated to supply doorskins to Steves. The company continues to believe that requiring a divestiture of the Towanda facility is both unprecedented and fundamentally incorrect as a matter of law and intends to appeal the judgment. No U.S. court has ever permitted divestiture as a remedy in private litigation for a merger that has already closed, such as Jeld-Wen's acquisition of CMI. Not only is there no precedent for a remedy of divestiture, the District Court's ruling disregards the significant passage of time since the CMI acquisition, which was completed more than six years ago. Furthermore, the judgment is contrary to established legal and equitable principles due to Steves' own misconduct in misappropriating Jeld-Wen's trade secrets and the District Court's acknowledgement of the availability of monetary remedies. The company also believes that the findings of violations of the antitrust laws and resulting damages award are legally and factually incorrect and the result of significant flawed rulings during the trial process. These rulings improperly limited the company's defenses in the trial by excluding key evidence and other relevant matters from the jury's consideration. Evidence that the company was prevented from presenting to the jury included the favorable results of the two previous DOJ antitrust enforcement reviews, the significant profitability growth and expansion of Steves' own business since the 2012 acquisition, and other benefits to the market resulting from the combination of Jeld-Wen and CMI. Jeld-Wen also believes that the District Court improperly bifurcated the trial involving Steves' contract claims from the trial involving Jeld-Wen's claims regarding Steves' misappropriation of trade secrets, allowing Steves to present contradictory evidence in the two different trials. The company is unable to estimate the ultimate timing of, transaction terms, or estimated potential proceeds from any divestiture of the Towanda facility. Regardless of the outcome of the appeal process, the company expects to meet its internal requirements for doorskins currently supplied by the Towanda facility through other existing internal sources of supply or from a supply agreement with the acquiring company. For the fiscal year ended 2017, the Towanda facility generated external revenues of approximately $120M from Steves and other third-party customers related to doorskins and other building products. The majority of Towanda's doorskin manufacturing capacity is used by the company in its own door assembly operations.

JELD Jeld-Wen
$14.27

-0.46 (-3.12%)

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.
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.
12/03/18
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.
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.

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