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Loewen of Steinbach acquired

Loewen

Loewen of Steinbach, Manitoba.

Loewen of Steinbach, Manitoba, Canada has been acquired by a group of investors including Charles Loewen, Clyde Loewen, Al Babiuk, President and CEO, members of management, and other private investors.

Loewen is a manufacturer and distributor of custom-made wood and clad wood windows and doors for the residential and light commercial markets. The Company was established in 1905 and sells through a network of Loewen Window Centers and Authorized Loewen Dealers in the United States and corporate retail stores and independent dealers in Canada. Charles Loewen will assume the role of Chairman of the Board, and Clyde Loewen will be rejoining the Executive management group. In addition to investment by the shareholders, Royal Bank of Canada continues to provide banking facilities for Loewen and financing for capital investments has been provided through the Manitoba Industrial Opportunities Program through the Province of Manitoba.

Loewen will continue with its strategic focus of providing premium quality, innovative products for the window and door market, while expanding its product portfolio, implementing lean processes, and developing its employees. The Company was owned by the Loewen family until July 2010 when it was acquired by VKR Holding A/S of Denmark. A review by VKR of its portfolio strategy for North America led to a decision to divest of Loewen, as well as Gienow Windows and Doors of
Calgary, Alberta.

The “new” ownership group thanks all the Loewen employees, distributors, supplier partners and customer groups for their ongoing commitment and strong relationships. We look forward to continuing with shared success over the coming decades.

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