Jeld-Wen of Klamath Falls has announced plans to buy a competing door manufacturer...and local officials say they're encouraged by the news.
Jeld-Wen has signed a letter of intent to buy Craftmaster Manufacturing, Incorporated. Chamber of Commerce director 'Chip' Massie says he's excited about the move...
"Jeld-Wen, being out in the world, looking for some acquisitions, we think that's excellent. We think that maybe, it shows a little bit of a turnaround."
The last few years have been tough on Jeld-Wen.
Founder Richard Wendt died in August of 2010.
A tough economy resulted in the sale of Jeld-Wen resorts, including the Running 'Y'.
Canadian giant 'ONEX' purchased a controlling share of Jeld-Wen last fall.
While buying Craftmaster won't boost local job numbers, Klamath Falls Mayor Todd Kellstrom hopes it reflects a more solid foundation for Jeld-Wen: "If they're moving up and acquiring properties, and businesses, that to me suggests that the bleeding has been stanched, and we can move forward now."
Based in Chicago, Craftmaster Manufacturing has plants in five states, including a massive 17 acre plant in Pennsylvania.
The amount of the proposed transaction has not been released, and outside of a press release on their web page, Jeld-Wen officials aren't commenting about the proposed buy of Craftmaster Manufacturing.
Craftmaster has factories in Illinois, Virginia, Alabama, Texas, and Pennsylvania.
Jeld-Wen is expected to sign the purchase agreement this fall.