December 11, 2013 Sections
Winnipeg Free Press - ONLINE EDITION
Members of the Loewen family and other senior management have re-acquired the Loewen window company of Steinbach that had been sold to a Danish company in 2010.
A group of investors including Charles Loewen, Clyde Loewen, and Al Babiuk the president and CEO re-acquired the company from the Danish firm, VKR Holding A/S which decided to divest it as well as Gienow Windows and Doors of Calgary, Alberta.
Loewen, which was founded in 1905, is a manufacturer and distributor of custom-made wood and clad wood windows and doors for the residential and light commercial markets.
The company took off last decade with the boom in the U.S. housing market but suffered a major decline with the 2008-09 recession that caused a major chill in that market.
The Steinbach workforce was reduced by more than 50 per cent over the past few years from its peak of about 1,600.
Charles Loewen will become chairman of the board, and Clyde Loewen will rejoin the executive management group.
In addition to investment by the shareholders, the deal has been supported by the Royal Bank of Canada and financing for capital investments has been provided through the Manitoba Industrial Opportunities Program through the Province of Manitoba.