Jeld-Wen Acquires Norway-Based Dooria

August 10th, 2015 by Casey Flores

In the middle of talk about a potential initial public offering (IPO), Charlotte, N.C.-based Jeld-Wen is expanding on its own, acquiring Oslo, Norway-based Dooria AS, one of the largest manufacturers of wooden doors in Scandinavia.

Dooria is a major provider of residential and commercial doors in the Swedish and Norwegian markets.

The 68-year-old company has three manufacturing locations in Sweden and employs approximately 200 people.

The location will become part of Jeld-Wen’s North European business unit, which has 17 sales and production units in seven countries and adds to the more than $ 1 billion business that the company has in Europe today, according to a company release.

“This acquisition is aligned with our mission to grow and expand our door and window manufacturing capabilities in Europe,” said Kirk Hachigian, JELD-WEN president and chief executive officer, in a statement. “We welcome Dooria into the JELD-WEN family and look forward to leveraging our combined operations to strengthen our commitment to customers in the Scandinavian region.”

The acquisition comes at an opportune time for the residential construction industry in Norway.

“Projections from the UN Department of Economic and Social Affairs show that as a percentage of the total population, the country’s urban population is expected to increase from 79.1 percent in 2010 to 83.9 percent in 2030,” says Danny Richards, an economist at Timetric’s Construction Intelligence Center. “Moreover, the country’s population is expected to increase by 19.4 percent, between 2010 and 2030, thus creating demand for new residential buildings.”

Terms of the acquisition were not disclosed.

There is still no further word about the possibility that the window maker may apply for an IPO.

 

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