What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-20 compared with 2024-02-20 · 74 added, 113 removed, 209 unchanged (47% of the section changed)

8 unchanged sentences

Channel Geography Construction Application (1)

(1) Percentage of net revenues by construction application is management’s estimate based on the end markets into which our customers sell.

(1) The percentage of net revenues by construction application is management’s estimate based on the end markets into which our customers sell.

As a leading global manufacturer of interior and exterior building products, we have invested significant capital to build a business platform that we believe is unique among our competitors.

We operate 84 manufacturing and distribution facilities in 15 countries located primarily in North America and Europe.

We operate 79 manufacturing and distribution facilities in 14 countries, located in North America and Europe.

We are focused on optimizing our global footprint to enhance performance and improve profit margins.

On July 2, 2023, we completed the sale of our Australasia business (“JW Australia”).

On July 2, 2023, we completed the sale of JW Australia.

The net assets and operations of the disposal group met the criteria to be classified as “discontinued operations” and are reported as such in all periods.

Unless otherwise indicated, the description of our business provided in Part I pertains to continuing operations only (see Note 1 - Description of Company and Summary of Significant Accounting Policies and Note 2 - Discontinued Operations to our consolidated financial statements for further information) .

Unless otherwise indicated, the description of our business provided in Part I pertains to continuing operations only (refer to Note 1 - Description of Company and Summary of Significant Accounting Policies and Note 2 - Discontinued Operations to our consolidated financial statements included in this Form 10-K for more information) .

For many product lines, our manufacturing processes are vertically integrated, enhancing our range of capabilities, our ability to innovate, and our quality control, as well as providing us with supply chain, transportation, and working capital savings.

3 unchanged sentences

The subsequent decades were a time of successful expansion and growth as we added different businesses and product categories such as interior doors, exterior steel doors, and vinyl windows.

Our first overseas acquisition was Norma Doors in Spain in 1992 and since then we have acquired or established numerous businesses in Europe, Canada, and Mexico, making JELD-WEN a global company.

In October 2011, certain funds managed by affiliates of Onex acquired a majority of the combined voting power in the Company through the acquisition of convertible debt and convertible preferred equity.

After the Onex investment, we began the transformation of our business from a family-run operation to a global organization with independent, professional management.

The transformation accelerated after 2013 with the hiring of a new senior management team strategically recruited from a number of world-class industrial companies.

Our current management team has extensive experience driving operational improvement, innovation, and growth, both organically and through acquisitions.

As of December 31, 2020, Onex owned approximately 32.6% of our outstanding shares of Common Stock.

In 2021, Onex exercised its rights under its Registration Rights Agreement and requested

the registration for resale of all of their shares of our Common Stock in multiple underwritten public offerings.

During August 2021, Onex fully divested their ownership in the Company and no longer had representation on the Board of Directors.

Our first overseas acquisition was Norma Doors in Spain in 1992 and since then we have acquired or established numerous businesses in Europe and Canada, making JELD-WEN a global company.

Our Business Strategy and Operating Model

We strive to achieve best-in-industry financial performance and shareholder returns through the disciplined execution of our strategy which includes:

• streamlining and simplifying the business, optimizing product mix, rationalizing our global footprint and strategically sourcing our raw materials to improve returns on our investments;

• enhancing performance and improving profit margins through strategic cost-reduction and productivity initiatives, such as upgrading go-to-market processes, optimizing our sales force through training, right-sizing and consolidating our manufacturing network, investing in automation and leveraging our scale to streamline sourcing;

We strive to achieve solid financial performance and shareholder returns through the systematic execution of our strategy which includes:

• streamlining and simplifying the business, refining our product and brand strategies, rationalizing our global footprint, and strategically sourcing our raw materials;

• enhancing performance and improving profit margins through strategic pricing, cost-reduction and productivity initiatives, such as implementing targeted quality improvement programs, optimizing our sales force, right-sizing and consolidating our manufacturing network, investing in automation, and leveraging our scale to streamline sourcing;

• disciplined capital allocation and working capital management designed to maximize shareholder returns, cash flows, and return on invested capital in a balanced manner;

• sustainability-focused innovations to drive profitable organic revenue growth;

• investing in our brands and marketing, and commercial excellence programs such as customer segmentation, and price optimization;

• growing a premier performance culture led by our values and a keen focus on talent management.

• focused go-to-market growth strategies and industry-leading innovations to support profitable organic revenue growth;

• continuing our journey to drive a high-performing, values-based culture enabled by strategic clarity, leadership excellence, and a global recognition and incentives strategy.

We provide a broad portfolio of interior and exterior doors, windows, and related building products manufactured from a variety of wood, metal, and composite materials offered across a full spectrum of price points.

5 unchanged sentences

To meet the design, durability, and energy efficiency requirements of our customers, our product portfolio encompasses many types of materials, including wood veneer, composite wood, steel, glass, and fiberglass that satisfy a range of price points from entry-level to high-end.

Our highest volume products include molded interior doors, which are made from two composite molded door skins joined by a wooden frame and filled with a hollow honey-cell core or other solid core materials.

Our highest volume products include molded interior doors and door systems, which are made from two composite molded door skins joined by a wooden frame and filled with a hollow honey-cell core or other solid core materials.

These value doors are the most popular choice for interior residential applications in North America, France and the U.K.

In the U.S., we manufacture exterior doors primarily made from fiberglass and steel.

Our fiberglass product line has grown in popularity due to its attractive thermal properties, aesthetics, and durability.

We have dedicated additional resources to our exterior fiberglass door business, which includes door slabs and door systems, and believe we have a leading product offering based on quality, breadth of design options, and range of price points.

We also manufacturer stile and rail doors in our U.S.

1 unchanged sentence

In Europe, we also sell high performance residential and non-residential doors, with features such as soundproofing, fire resistance, radiation resistance, security, and in Scandinavia we design and manufacture doors which can withstand extreme environmental conditions in coastal and arctic environments.

Additionally, we offer profitable value-added distribution services for residential and non-residential products in all of our markets, including customizable configuration services, specialized component options, and multiple finishing options.

Additionally, we offer profitable value-added distribution services for residential and non-residential products in all our markets, including customizable configuration services, specialized component options, and multiple finishing options.

These services are valued by labor constrained customers and allow us to capture more profit from the sale of our door products.

In the U.S., our acquisitions of ABS and MMI Door are examples of our increased focus on value-added services.

In the U.S., our acquisitions of ABS and MMI Door are examples of our focus on value-added services.

We are a leading manufacturer of residential windows in North America.

We manufacture a full line of residential wood, vinyl, and wood composite windows in North America.

Our window product lines comprise a full range of styles, features, and energy-saving options in order to meet the varied needs of our customers in each of our regional end markets.

We manufacture a full line of residential wood and vinyl windows in North America.

Our window product lines comprise a full range of styles, features, and energy-saving options to meet the varied needs of our customers in each of our regional end markets.

For example, our high-performance wood and vinyl windows with multi-pane glazing and superior energy efficiency properties are in greater demand in Canada and the northern U.S.

3 unchanged sentences

In North America, our wood windows and patio doors include our proprietary AuraLast treatment, which is a unique water-based wood protection process that provides protection against wood rot and decay.

We believe AuraLast is unique in its

ability to penetrate and protect the wood through to the core, as opposed to being a shallow or surface-only treatment.

We believe AuraLast is unique in its ability to penetrate and protect the wood through to the core, as opposed to being a shallow or surface-only treatment.

With the acquisition of LaCantina Doors, the Company added LaCantina’s innovative folding, multi-slide, and swing patio doors and wall systems to its already robust windows product offering.

3 unchanged sentences

In recognition of our expansive energy-efficient product line, we have been an ENERGY STAR partner since 1998.

We have received ENERGY STAR Canada’s Excellence Award in 2023 and have won 7 ENERGY STAR Canada Manufacturer of the Year Awards.

In 2024, we were recognized as ENERGY STAR Partner of the Year by the EPA, and our Canada business received ENERGY STAR Canada Manufacturer of the year for windows and doors and has won 8 ENERGY STAR Canada Manufacturer of the Year Awards.

Other Ancillary Products and Services

In certain regions, we sell a variety of other products that are ancillary to our door and window offerings, which we do not classify as door or window sales.

These products include trim board, glass, hardware and locks, and window screens.

We also sell molded door skins to certain customers pursuant to long-term contracts, and these customers in turn use the molded door skins to manufacture interior doors and compete directly against us in the marketplace.

These products include glass, hardware and locks, and window screens.

We also sell molded door skins to certain direct and indirect customers pursuant to long-term contracts, and these customers in turn use the molded door skins to manufacture interior doors and compete directly against us in the marketplace.

Miscellaneous installation and other services are also included in this category.

4 unchanged sentences

Customers also demand short delivery times and can require special order customizations.

We believe that we are well-positioned to meet the global demands of our customers due to our market leadership, strong brands, broad product line, and strategically located manufacturing and distribution facilities.

Our operations are managed and reported in two reportable segments, organized and managed principally by geographic region.

Our reportable segments are North America and Europe.

We believe that we are well-positioned to meet the global demands of our customers due to our strong brands, broad product line, and strategically located manufacturing and distribution facilities.

Our operations are managed and reported in two reportable segments, organized and managed principally in geographic regions:

North America and Europe.

We report all other business activities in Corporate and unallocated costs.

Factors considered in determining the two reportable segments include the nature of business activities, the management structure accountable directly to the CODM for operating and administrative activities, the discrete financial information available, and the information regularly reviewed by the CODM.

Factors considered in determining the two reportable segments include the nature of business activities, the management structure accountable directly to the CODM, the discrete financial information regularly provided to the CODM, and information presented to the Board of Directors and investors.

North America

1 unchanged sentence

We are the only manufacturer that offers a full line of interior and exterior door and window products, allowing us to offer a more complete solution to our customer base.

While we expect to realize some benefit from share gains and continued growth from pricing strategies to offset inflation, our North American market is expected to continue to face headwinds during 2024 primarily due to heightened interest rates and continued labor inflation.

While we expect to realize some benefit from share gains and continued growth from pricing strategies to offset inflation, our North American market is expected to continue to face headwinds during 2025 primarily due to heightened interest rates and continued labor, freight, and raw material inflation.

We believe that our total market opportunity in North America will continue to include non-residential applications and other related building products.

1 unchanged sentence

In our Europe segment, we compete primarily in the market for residential and non-residential doors in Germany, the U.K., France, Austria, Switzerland, and Scandinavia.

During 2024, we expect headwinds in our residential and non-residential markets due to general economic weakness and as interest rates that are expected to remain high.

Financial information regarding our segments is included in Note 14 - Segment Information to our financial statements included in this Form 10-K.

During 2025, we expect softer markets in our residential and non-residential markets in Germany, France, and Austria due to general economic weakness and interest rates that are expected to remain high.

Refer to Note 14 - Segment Information to our consolidated financial statements included in this Form 10-K for more information about our segments.

We generally maintain a diversified supply base for the materials used in our manufacturing operations.

3 unchanged sentences

We track commodities in order to understand our vendors’ costs, realizing that our costs are determined by the broader competitive market as well as by increases in the inputs to our vendors.

In order to manage the risk in material costs, we develop strategic relationships with suppliers, routinely evaluate substitute components, develop new products, vertically integrate, where applicable, and seek alternative sources of supply from multiple vendors and often from multiple geographies.

To manage the risk in material costs, we develop strategic relationships with suppliers, routinely evaluate substitute components, develop new products, vertically integrate, where applicable, and seek alternative sources of supply from multiple vendors and often from multiple geographies.

In a typical year, our operating results are impacted by seasonality.

Historically, peak season for home construction and remodeling in our North America and Europe segments, generally corresponds with the second and third calendar quarters, and therefore our sales volume is usually higher during those quarters.

Seasonal variations in operating results may be impacted by inclement weather conditions, such as cold or wet weather, which can delay construction projects.

4 unchanged sentences

We continue to make investments in tools and technologies to enhance the effectiveness of our sales force and improve our customers’ purchasing experience.

For example, we are continuing to invest and utilize Salesforce in North America and Europe to enhance our customer relationships and support.

For example, we are continuing to invest in and utilize Salesforce in North America and Europe to enhance our customer relationships and support.

We continue to leverage Salesforce for improved data management, service level tracking, Ecommerce, and workflow enhancements.

We have also made investments in North America to streamline and automate order management and continue to expand post sales care through our virtual OnSite Applications and service scheduling.

In Europe, we have started investments in new door configuration software to improve our customer’s ordering experience with us which will enhance our digital service offering and improve our Net Promoter Score.

In Europe, we have launched new door configuration software in select countries, with plans to extend this launch to additional markets.

This strategic investment aims to improve our customers' ordering experience with us, which will enhance our digital service offering and has improved our Net Promoter Score.

We believe these investments will increase sales force effectiveness, create pull-through demand, and optimize sales force productivity.

3 unchanged sentences

We believe that leading the market in innovation will enhance demand for our products and allow us to sell a higher margin product mix.

Our research and development efforts encompass development of new products and material inputs, derivative product development, as well as value-added re-engineering of components in our existing products leading to reduced costs and manufacturing efficiencies.

Our research and development efforts encompass the development of new products and material inputs, derivative product development, as well as value-added re-engineering of components used in our existing products leading to reduced costs and manufacturing efficiencies.

We have a governance process that prioritizes the most impactful projects, which is expected to improve the efficiency and quality of our research and development efforts.

3 unchanged sentences

Our wholesale customers include such industry leaders as ProBuild/Builders First Source, Saint-Gobain, and the Holzring group.

Our home center customers include, among others, The Home Depot, Lowe’s Companies, and Menards in North America;

and B&Q, Howdens, and Bauhaus in Europe.

Our home center customers include, among others, The Home Depot and Lowe’s Companies in North America, and B&Q, Howdens, and Bauhaus in Europe.

We have maintained relationships with the majority of our top ten customers for over 25 years and believe that the strength and tenure of our customer relationships is based on the total value we provide, including the quality and breadth of our product offering, our customer service, innovation, and delivery capabilities.

Our top ten customers together accounted for approximately 46%, 43% and 44% of our net revenues in the years ended December 31, 2024, 2023 and 2022, respectively.

The Home Depot, a customer of our North America segment, represents 15%, 16%, and 17% of our consolidated net revenues during the years ended December 31, 2023, 2022, 2021, respectively.

Lowe’s Companies, another customer of our North America segment, represents 11%, 11%, and 10% of our consolidated net revenues during the years ended December 31, 2023, 2022, 2021, respectively.

The door and window industry is highly competitive and includes a number of regional and international competitors.

The Home Depot, a customer of our North America segment, represents 16%, 15%, and 16% of our consolidated net revenues during the years ended December 31, 2024, 2023 and 2022, respectively.

Lowe’s Companies, another customer of our North America segment, represents 12%, 11%, and 11% of our consolidated net revenues during the years ended December 31, 2024, 2023 and 2022, respectively.

The door and window industry is highly competitive and includes several regional and international competitors.

Competition is largely based on the functional and aesthetic quality of products, service quality, distribution capability, and price.

We believe that we are well-positioned in our industry due to our leading brands, our broad product lines, our consistently high product quality and service, our global manufacturing and distribution capabilities, and our extensive multi-channel distribution.

For North American interior doors, our major competitors include Masonite, Steves & Sons, Inc.

For North American interior doors, our major competitors include Masonite (a division of Owens Corning), Steves & Sons, Inc.

and several smaller independent door manufacturers.

For North American exterior doors, competitors include Masonite, Therma-Tru (a division of Fortune Brands), Plastpro and Steves & Sons, Inc.

For North American exterior doors, competitors include Masonite (a division of Owens Corning), Therma-Tru (a division of Fortune Brands), Plastpro and Steves & Sons, Inc.

The North American window market is highly fragmented, with sizable competitors including Andersen, Pella, Marvin, Ply-Gem (a division of Cornerstone Building Brands, formerly NCI Building Systems), and Milgard (a division of MI Windows and Doors).

The door manufacturers that we primarily compete with in our European markets include Huga, Prüm/Garant (a division of Arbonia Group), Viljandi, Masonite, Keyor, Herholz, and Hormann.

The door manufacturers that we primarily compete with in our European markets include Huga, Prüm/Garant (a division of Arbonia Group), Viljandi, Masonite (a division of Owens Corning), Keyor, Herholz, and Hormann.

Intellectual Property

We rely primarily on patent, trademark, copyright, and trade secret laws and contractual commitments to protect our intellectual property and other proprietary rights.

Generally, registered trademarks have a perpetual life, provided that they are renewed on a timely basis and continue to be used properly as trademarks.

Generally, registered trademarks have a perpetual life, if they are renewed on a timely basis and continue to be used properly as trademarks.

We intend to maintain the trademark registrations listed below so long as they remain valuable to our business.

window and door trademarks include JELD-WEN ® , AuraLast ® , MiraTEC ® , Extira ® , LaCANTINA ® , MMI Door ® , Karona TM , ImpactGard ® , JW ® , Aurora ® , IWP ® , True BLU ® , ABS TM , Siteline ® , National Door ® , Low-Friction Glider ® , Hydrolock ® , VPI TM , AURALINE ® , FINISHIELD ® , MILLENNIUM ® , TRUFIT ® , EPICVUE ® , and EVELIN ® .

window and door trademarks include JELD-WEN ® , AuraLast ® , LaCANTINA ® , MMI Door ® , Karona ® , ImpactGard ® , JW ® , Aurora ® , IWP ® , True BLU ® , ABS TM , Siteline ® , National Door ® , Low-Friction Glider ® , Hydrolock ® , VPI TM , FINISHIELD ® , MILLENNIUM ® , TRUFIT ® , EPICVUE ® , and EVELIN ® .

Our trademarks are either registered or have been used as common law trademarks by us.

4 unchanged sentences

We believe that the success of our mission is realized by the engagement and empowerment of our employees, and we are committed to investing in our people.

Our senior leadership team, including our Chief Executive Officer and our Executive Vice President, Chief Human Resources Officer, is responsible for developing and executing our human capital strategy.

Our senior leadership team, including our CEO and our Executive Vice President, Chief Human Resources Officer, is responsible for developing and executing our human capital strategy.

This includes the attraction, retention, development, and engagement of talent.

4 unchanged sentences

and Canada are unionized.

Two facilities in the U.S., representing approximately 350 employees, are covered by collective bargaining agreements.

One facility in the U.S., representing 8 employees, is covered by collective bargaining agreements.

In Canada, approximately 72% of our employees work at facilities covered by collective bargaining agreements.

3 unchanged sentences

We strive to operate in a way that prioritizes the health and safety of our employees, business partners, and the communities in which we operate.

JELD-WEN's commitment to the environmental health and safety (“EH&S”) of our associates is foundational and embedded in our values.

JELD-WEN's commitment to the EH&S of our associates is foundational and embedded in our values.

Our EH&S programs are designed around global policies and standards and a commitment to complying with or exceeding applicable requirements within our manufacturing, service and install, and headquarter operations.

4 unchanged sentences

Our management and Board of Directors also periodically review our health and safety practices to address ongoing effectiveness and compliance.

Diversity, Equity, and Inclusion (DE&I)

We believe that a diverse and engaged workforce is a strong competitive advantage and we strive to create an environment where individuals of all backgrounds can fully contribute and maximize their potential.

Our employees are encouraged to bring their authentic selves to the workplace and work together to enrich a culture of inclusivity and belonging.

Senior leadership teams review their succession plans, as well as their broader workforce demographics, on a regular cadence to ensure underrepresented groups are being offered fair consideration for open roles and internal promotions.

As part of our recruitment process, we recruit from historically black colleges and universities, partner with affinity groups, and work with minority owned recruiting firms to help ensure managers are presented with diverse candidate pools for their workforce needs.

As part of our human capital strategy, we incorporate mentoring programs, support employee resources groups, and facilitate DE&I training sessions to encourage and promote an inclusive culture.

Employee Engagement and Cognitive Diversity

We believe that an engaged workforce provides a strong competitive advantage.

To this end, the Company welcomes employee contributions that maximize diversity of thought, promote authenticity in discussion, and challenge the status quo.

Our senior leadership team works to promote these goals in their respective organizations and our recruitment strategy reflects our dedication to cognitive diversity.

Furthermore, as part of our human capital strategy, we incorporate mentoring programs, support employee resource groups, and maintain an open-door policy where employees are free to inject their ideas, concerns, and other opinions for consideration into broader discussions around Company culture and strategy.

Training and Talent Development

3 unchanged sentences

Across our teams, we welcome apprenticeship and work study arrangements that seed talent into manufacturing and team lead roles.

In North America specifically, we offer a summer internship program and a multi-year, cross-functional rotational program to identify, attract, and accelerate the growth of an internal pipeline of future managers.

In our regions, we seek out, seed, and utilize financial grants and social educational investment requirements to reinvest in the ongoing learning and development needs of our diverse global workforce.

1 unchanged sentence

As part of the annual performance management process, managers and employees meet to review goals and performance and discuss actions for ongoing growth and development.

The Company continues to invest in its employees through new global learning platforms, content libraries, and additional formal and informal training programs.

The Company continues to invest in its employees through global learning platforms, content libraries, and additional formal and informal training programs.

Organizational Health

10 unchanged sentences

We offer a variety of products that contain pre-consumer recycled content, such as our vinyl windows, aluminum cladding, and window glass.

In January 2023, we launched a new primer formula developed by our coatings division designed to decrease volatile organic compounds (“VOC”) emissions in coatings applied to interior door skins.

In January 2023, we launched a new primer formula developed by our coatings division designed to decrease VOC emissions in coatings applied to interior door skins.

produced pine wood windows and select patio doors and door frames are made from AuraLast ® pine, which is a proprietary, water-based wood protection process that results in a decrease of VOCs released during production.

5 unchanged sentences

Many of our products are also subject to various laws and regulations, such as building and construction codes, product safety regulations, and regulations and mandates related to energy efficiency.

arranged for the disposal of waste, or with the impact of our products on human health and safety and the environment.

The nature of our operations, which involve the handling, storage, use, and disposal of hazardous wastes, exposes us to the risk of liability and claims associated with contamination at our current and former facilities or sites where we have disposed of or arranged for the disposal of waste, or with the impact of our products on human health and safety and the environment.

Laws and regulations with respect to the investigation and remediation of contaminated sites can impose joint and several liability for releases or threatened releases of hazardous materials upon statutorily defined parties, including us, regardless of fault or the lawfulness of the original activity or disposal.

We have been subject to claims, including having been named as a potentially responsible party, in certain proceedings initiated pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state and foreign laws, regulations, and statutes, and may be named a potentially responsible party in other similar proceedings in the future.

We have been subject to claims, including having been named as a potentially responsible party, in certain proceedings initiated pursuant to the CERCLA and similar state and foreign laws, regulations, and statutes, and may be named a potentially responsible party in other similar proceedings in the future.

Unforeseen expenditures or liabilities may arise in connection with such matters.

9 unchanged sentences

The WADOE received the final feasibility assessment on December 31, 2021, containing various remedial alternatives with its preferred remedial alternatives totaling $23.4 million.

Based on this study, we have determined our range of possible outcomes to be $11.8 million to $33.4 million.

Based on this study, we determined our range of possible outcomes to be $11.8 million to $33.4 million.

On March 1, 2022, we delivered a draft CAP consistent with the preferred alternatives which was approved by WADOE in August 2023.

The existing Agreed Order of 2008 was also modified with WADOE in July 2023 to support the development of the associated CAP investigation, sampling and design components.

We have made provisions within our financial statements within the range of possible outcomes;

however, the contents and cost of the final CAP and allocation of the responsibility between the identified PLPs could vary materially from our estimates.

With additional information gathered from the CAP investigation during 2024, we determined the total range of possible remediation cost outcomes to be between $17.4 million to $33.6 million.

We retained a provision of $11.8 million within our financial statements which considers the range of possible outcome costs and potential allocation of the responsibility between the identified PLPs, both of which could vary materially from our estimates.

In December 2020, we entered into a COA with the PaDEP to remove a pile of wood fiber waste from our site in Towanda, Pennsylvania, which we acquired in connection with our acquisition of CMI in 2012, by using it as fuel for a boiler at that site.

1 unchanged sentence

Under the COA, we are required to achieve certain periodic removal objectives and ultimately remove the entire pile by August 31, 2025.

As of December 31, 2023 and December, 31, 2022 there was $1.4 million and $2.3 million, respectively in bonds posted in connection with these obligations.

If we are unable to remove this pile by August 31, 2025, then the bonds will be forfeited, and we may be subject to penalties by PaDEP.

We currently anticipate meeting all applicable removal deadlines;

however, if our operations at this site decrease and we burn less fuel than currently anticipated, we may not be able to meet such deadlines.

For more information regarding the risks associated with environmental, health, and safety laws and regulations, see Item 1A - Risk Factors.

As of December 31, 2024 and 2023, there was $1.4 million in bonds posted in connection with these obligations.

Failure to remove the pile by August 31, 2025, would have resulted in forfeiture of the bonds and penalties by PaDEP.

During December 2024, we removed the wood fiber waste pile from the site and our removal obligations under the COA closed.

For more information regarding the risks associated with environmental, health, and safety laws and regulations, refer to Item 1A - Risk Factors.

Government Regulation

1 unchanged sentence

These regulations, which differ among jurisdictions, include those related to financial and other disclosures, accounting standards, corporate governance, intellectual property, tax, trade, antitrust, employment, privacy, and anti-corruption, in addition to the environmental laws and regulations described above.

For a more detailed description of the various laws and regulations that affect our business, see Item 1A - Risk Factors.

For a more detailed description of the various laws and regulations that affect our business, refer to Item 1A - Risk Factors.

Available Information

6 unchanged sentences

Set forth below is certain information about our executive officers.

Ages are as of February 20, 2024.

The ages are as of February 20, 2025.

There are no family relationships among the following executive officers.

Albrecht , Executive Vice President and Chief Financial Officer.

Albrecht, age 56, joined the Company as Executive Vice President and Chief Financial Officer in July 2022.

Previously, Ms.

Albrecht joined Sonoco Products Company in 2017 as Vice President, Treasurer / Assistant Chief Financial Officer before being named Vice President, Chief Financial Officer in which role she served until June 2022.

Prior to Sonoco, Ms.

Albrecht served as Vice President, Finance, Investor Relations and Treasurer for Esterline Technologies Corporation (acquired by TransDigm in 2019).

She began her finance career at PricewaterhouseCoopers.

Albrecht earned a bachelor’s degree in accounting from Wake Forest University.

Peggie Bolan , Vice President and General Manager, North America Building Products and Fiber.

Bolan, age 52, joined the Company in October 2012 as Vice President and General Manager, North American Building Products and Fiber.

She is a seasoned executive with experience in sales, marketing and operations .

She earned a bachelor’s degree in English from Vanderbilt University.

Christensen , Chief Executive Officer and Director.

4 unchanged sentences

Prior to his appointment as Chief Executive Officer in 2018, Mr.

Christensen served as its Chief Marketing Officer.

Christensen served as REHAU AG’s Chief Marketing Officer from 2016 to 2018.

Prior to joining REHAU AG, Mr.

Christensen was Chief Executive Officer of AFG Holding, a Swiss-based global building products manufacturer from 2014 to 2015.

Christensen was the President of innofund.vc, a venture capital investor, from 2016 to 2022.

He was also the Chief Executive Officer of AFG Arbonia-Foster-Holding AG, a Swiss-based global building products manufacturer from 2014 to 2015.

In addition, he spent ten years at Geberit International AG, a global plumbing manufacturer, in several executive roles including Group Executive Board Member and Head of International Sales, as well as President and Chief Executive Officer of The Chicago Faucets Company.

8 unchanged sentences

Hayes earned a bachelor’s degree in English and history from Emory University and a law degree from Villanova University School of Law.

Daniel Jacobs , Vice President and General Manager, North America Windows.

Jacobs, age 38, joined the Company in September 2008 as a Sales Representative and was promoted to Sales Manager in 2010.

He has held roles of increasing responsibility as a National Account Manager and Director of National Accounts from 2010 to 2016.

In December 2016, Mr.

Jacobs was promoted to Director of Product Management.

He was promoted to Vice President and General Manager, Exterior Doors in June 2020 until May 2022 and was promoted to his current role in May 2022.

Jacobs earned a bachelor’s degree in economics from Rollins College.

Michael Leon , Senior Vice President and Chief Accounting Officer.

3 unchanged sentences

Leon earned a master’s degree in accounting from the University of South Carolina.

Lilly , Executive Vice President, Global Transformation.

Lilly, age 63, joined the Company as Senior Vice President and Chief Information Officer in February 2019 and was promoted to Executive Vice President and Chief Information Officer in July 2022.

Lilly served as the Company’s Interim Chief Executive Officer from August 2022 until December 2022 when he was named Executive Vice President, Global Transformation.

Lilly leads the Company’s enterprise transformation initiatives and has responsibility for the global information technology organization.

Prior to joining the Company, he served as Vice President of IT at Trane Technologies (formerly Ingersoll Rand) from 2011 to 2019.

Previously, he was VP and Chief Information Officer for AGCO Corporation and served in a number of IT and finance positions of increasing responsibility for global companies including KPMG, Xerox, Delphi Automotive, General Motors, and EDS.

Lilly earned a bachelor’s degree in business administration from Houghton College and attended the executive graduate program at the Thunderbird School of Global Management.

Wendy Livingston , Executive Vice President, Chief Human Resources Officer.

3 unchanged sentences

She held leadership roles of increasing responsibility at The Boeing Company, a global aerospace company, from 1996 to 2020, including interim Senior Vice President, Human Resources in 2020 and Vice President, Corporate Human Resources from 2017 to 2020.

Livingston earned a bachelor’s degree in business administration from Peru State College,

a master’s degree in human resource management from Lindenwood University and is certified by the Society for Human Resource Management .

Livingston earned a bachelor’s degree in business administration from Peru State College, a master’s degree in human resource management from Lindenwood University and is certified by the Society for Human Resource Management .

Matthew Meier , Executive Vice President, Chief Digital and Information Officer.

4 unchanged sentences

Meier earned a bachelor’s degree in industrial engineering from Purdue University, a master’s degree in information systems management from Carnegie Mellon University and an MBA from the Massachusetts Institute of Technology Sloan School of Management.

Daniel Valenti , Executive Vice President and General Manager, North America Doors & Distribution.

Valenti, age 46, joined the Company as Executive Vice President and General Manager, North America Doors & Distribution in January 2024.

Previously, Mr.

Valenti was employed at Whirlpool Corporation, a manufacturer of home appliances, as the Senior Vice President and General Manager, KitchenAid Small Appliances from September 2018 to December 2023.

Valenti earned a bachelor’s degree in business administration from the University of North Carolina at Chapel Hill.

Samantha Stoddard , Executive Vice President, Chief Financial Officer.

Stoddard, age 41, joined the Company in December 2020 as Vice President, Operations Finance.

In February 2022, she was promoted to North America Chief Financial Officer.

In April 2024, she expanded her responsibilities to include leading global Finance Planning and Analysis (FP&A) and assumed the additional role as the Head of FP&A.

Stoddard was appointed to her current role in July 2024.

Prior to joining JELD-WEN, Ms.

Stoddard held various roles of increasing responsibility at Honeywell International, an American advanced-technology company, from April 2018 to December 2020, serving as the Chief Financial Officer, Personal Protection Equipment, from May 2020 to December 2020 and the Chief Financial Officer, Safety and Productivity Solutions Supply Chain, from February 2019 to April 2020.

Stoddard earned a bachelor’s degree in economics and political science from Wake Forest University and a master’s degree in accounting from The University of Texas at Dallas.

Gustavo Vianna , Executive Vice President and President, Europe.

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business