| FEDERAL WAY, WA -- (BUSINESS WIRE) Weyerhaeuser Company announced that it has signed a definitive agreement to sell its door business in Marshfield, Wis., to Wind Point Partners, a private equity
investment firm based in Chicago, Ill., and Southfield, Mich.
The company expects to complete the transaction, which will have a positive effect on earnings in the fourth quarter, in December. Terms of the transaction were not disclosed.
Wind Point said that the business's current management and work force would largely remain in place following the sale and will continue
operating the business as currently managed. Wind Point has partnered on the investment with Richard W. Krant, who will serve as the chief
executive officer of the business, to be named Marshfield DoorSystemsTM, Inc.
Krant most recently served as vice president, manufacturing of Andersen Corporation and president of the Renewal by Andersen® window
division. He has extensive general management experience with consumer and industrial companies. Jerry Mannigel, currently vice president
at Marshfield, will serve as president and chief operating officer, reporting to Krant.
William R. Corbin, executive vice president, Wood Products, said the decision to sell the door business was based on Weyerhaeuser's
long-term strategies.
“Our door business is the largest manufacturer of architectural wood doors in North America and a very well-run facility,” Corbin said. “At this
time, however, our long-term strategic goals do not include expanding our leading position in the door manufacturing business. Because Wind
Point Partners has expressed an interest in building on the existing success of our door business--and is committed to devoting the resources
to make that happen--we felt that it was in the best interest of the door business, its customers and its employees to pursue this transaction.”
Krant said that Wind Point Partners was investing in the door business because of its leading market share position, its terrific management
team and outstanding manufacturing facility.
“We think that by focusing the leadership team on the significant growth opportunities, we can grow the business substantially,” Krant said.
“The quality of the people and of the manufacturing facility and the business's strong market position make it a very sound investment.”
“Dick Krant is a top-caliber executive with excellent experience,'' explained Richard Kracum, managing director for Wind Point Partners.
“Marshfield DoorSystemsTM is an ideal investment for Wind Point--a well positioned, middle-market company with strong growth prospects
that we can pair with a world-class CEO who has the skill set to propel the company to the next level.”
The business manufactured and sold 720,000 customized architectural doors in 1999, making it the top commercial architectural wood door
manufacturer in North America based on sales. It also manufactured 77 million square feet of particleboard door core (3/4-inch basis) last year.
The business employs approximately 870 people.
Wind Point Partners is a private equity investment firm with offices in Chicago and Southfield, Michigan. Established in 1983, Wind Point has
successfully invested in more than 70 privately held companies. Wind Point focuses on partnering with world-class executives to build
outstanding companies via acquisition and organic growth.
For more information about Wind Point, please click on the link below:
http://www.windpointpartners.com.
This eUpdate posting by: Steve Joyce
|
V 1.0
