JELD-WEN Wins Trade Secrets Case Against Steves & Sons

CHARLOTTE, N.C.--()--A jury in the U.S. District Court for the Eastern District of Virginia, Richmond Division, found late Friday that Steves & Sons (“Steves”) misappropriated eight distinct trade secrets owned and used by JELD-WEN Holding, Inc. (NYSE:JELD) (“JELD-WEN” or the “Company”) in its molded doorskin manufacturing business. Finding violations of both the U.S. Defend Trade Secrets Act and the Texas Uniform Trade Secrets Act, the jury awarded JELD-WEN $1.2 million in damages. JELD-WEN intends to ask the trial court to impose permanent injunctive relief, prohibiting Steves’ further use of JELD-WEN’s trade secrets.

During the course of proceedings in the underlying antitrust and contract case, JELD-WEN discovered that Steves had paid certain of the Company’s former employees to divulge trade secret information regarding various aspects of its molded doorskin manufacturing business. JELD-WEN filed counterclaims against Steves, but pursuant to a pretrial bifurcation order by the court, JELD-WEN was required to try the trade secrets claims separately from the antitrust and contract claims. JELD-WEN intends to pursue vigorously its appeal of the earlier verdict and to include the bifurcation order as one of the issues on appeal. The appellate process is expected to last well into 2019.

JELD-WEN’s claims against Edward and Sam Steves, Chief Executive Officer and President, respectively, of Steves, as well as John Pierce, a former employee of the Company, for breach of contract, tortious interference, breach of fiduciary duty, and aiding and abetting breaches of fiduciary duty in connection with the theft and misappropriation of trade secrets and confidential information remain pending in Bexar County, Texas.

About JELD-WEN

JELD-WEN, founded in 1960, is one of the world’s largest door and window manufacturers, operating manufacturing facilities in 20 countries located primarily in North America, Europe and Australia. Headquartered in Charlotte, N.C., JELD-WEN designs, produces and distributes an extensive range of interior and exterior doors, wood, vinyl and aluminum windows and related products for use in the new construction and repair and remodeling of residential homes and non-residential buildings. JELD-WEN is a recognized leader in manufacturing energy-efficient products and has been an ENERGY STAR® Partner since 1998. Our products are marketed globally under the JELD-WEN® brand, along with several market-leading regional brands such as Swedoor® and DANA® in Europe and Corinthian®, Stegbar®, and Trend® in Australia. For more information visit www.jeld-wen.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” regarding business strategies, market potential, future financial performance, the potential of our categories and brands, and our expectations, beliefs, plans, objectives, prospects, assumptions, or other future events. Forward-looking statements are generally identified by our use of forward-looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “seek”, or “should”, or the negative thereof or other variations thereon or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans, expectations, assumptions, estimates, and projections of our management. Although we believe that these statements are based on reasonable expectations, assumptions, estimates and projections, they are only predictions and involve known and unknown risks, many of which are beyond our control that could cause actual outcomes and results to be materially different from those indicated in such statements.

Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2016, and our Quarterly Reports on Form 10-Q, both filed with the Securities and Exchange Commission.

The forward-looking statements included in this release are made as of the date hereof, and except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this release.

Contacts

Investor Relations:
John Linker, +1.704.378.7007
investors@jeldwen.com
or
Media Relations:
Gary Rubin
grubin@cmdagency.com
JELD-WEN@cmdagency.com

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