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Loewen acquired by VKR Holding


July 8, 2010
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NEWS HIGHLIGHT

Loewen acquired by VKR Holding     
VKR Holding of Denmark has acquired Loewen which is based in Steinbach, Man., and manufactures and distributes custom-made wood and clad wood windows and doors for the luxury segment of the residential housing market.

July 8, 2010 – VKR Holding of Denmark has acquired Loewen
which is based in Steinbach, Man., and manufactures and distributes
custom-made wood and clad wood windows and doors for the luxury segment
of the residential housing market.

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Loewen sells through a network of Loewen Window Centers and Authorized Loewen Dealers in the U.S., and a combination of corporate retail stores and dealers in Canada. The company was established in 1905 and has been owned by the Loewen family through its history.
 
Clyde Loewen, leader of the Loewen family shareholder group, comments that the family shareholders have grown over time to encompass several generations, with diverse needs and degrees of involvement in the business. “Through much consideration, the Loewen family shareholders have come to the collective decision that the needs of the company and those of the Loewen shareholders would be best served through a transition of ownership to a new ownership group. The Loewen shareholders believe that VKR will bring the resources, capabilities and character to ensure the future success of Loewen in the marketplace while maintaining respect for all of its stakeholders as well as for the culture of the staff and the community. The Loewen family shareholders would like to thank the staff of Loewen, past and present, for their contribution and commitment to the company over the years.”

VKR CEO Leif Jensen states that the acquisition fits in with VKR Holding’s strategy: “We already own several vertical window companies, and now we extend these activities in Canada and the USA, where the population growth is larger than in Europe. The Canadian and American markets have been affected by severe decline in the last three years.” However, Jensen sees great promise in the company’s prospects. “The markets are slowly stabilizing, and we see great potential in Loewen, not least because the company holds a strong niche position in the high end segment of the market and engages in extensive product development. VKR Holding has great experience as owner of companies that develop and manufacture vertical windows. We shall therefore have a good chance of benefiting from synergy effects across the Atlantic”. 
 
The existing Loewen Executive team will remain in place. Al Babiuk, previously Chief Operating Officer, will assume the Chief Executive Officer role, with Clyde Loewen remaining as Executive responsible for products. The other members of the Loewen Executive team will remain in their positions. Charles Loewen will sit as a member of the Board of Directors of Loewen. Claes Warnander, a highly experienced member of VKR’s team, will act as Chairman of Loewen’s Board.

VKR confirms that there are no intentions to move Loewen’s head office and main manufacturing out of Steinbach. Loewen will continue to be an important employer, taxpayer, and community contributor for Steinbach and Manitoba. 
 
For more information, please call Loewen at 1-800-563-9360, or visit www.loewen.com .


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