JELD-WEN Holding, Inc. (NYSE: JELD) said Monday that it has taken proactive steps to safeguard its employees globally and assure continued business operations through the COVID-19 global pandemic.

“Ensuring the safety and well-being of our 23,000 associates and their families, our channel partners, our customers, and each of the communities in which we operate around the globe is our number one priority,” said Gary S. Michel, president and chief executive officer. “We moved decisively across the enterprise and put measures in place to maintain the continuity of our operations and protect the safety of our associates as we continue to service our customers. We are focused on meeting critical customer needs without disruption, while also complying with the COVID-19-related regulations and restrictions set by local governments,” said Michel.

At the present time, JELD-WEN continues to operate in many of its global locations. Due to COVID-19 related restrictions, the company temporarily has suspended production at locations that cumulatively represent less than 10% of its 2019 consolidated net revenues. In many jurisdictions, the company’s products and services fall into categories that have received an ‘essential business’ or ‘life-sustaining’ designation by government agencies. Following guidance from the World Health Organization and the Centers for Disease Control and Prevention, the company implemented policies and procedures to maintain safe working environments, decrease the potential spread of COVID-19 and reduce associates’ potential exposure to the virus.

JELD-WEN believes it has ample liquidity and financial flexibility with no significant long-term debt maturities until 2024. Out of an abundance of caution, JELD-WEN recently enhanced its cash position by drawing down $100 million on its existing Asset Based Revolving Credit Facility. Reflecting this draw down, as of March 27, 2020, the company had total liquidity of approximately $450 million, comprised of unrestricted cash and cash equivalents of approximately $230 million and approximately $220 million of availability under committed credit facilities. JELD-WEN’s current level of liquidity reflects the company’s normal seasonal cycle of working capital investments and is sufficient to fund near-term operational needs amidst the uncertain market environment. The company’s financial flexibility is further enabled by the absence of any standing maintenance financial covenants in its primary debt agreements.

Michel added, “We are taking significant austerity measures to preserve cash and address near-term market dynamics. The strategic actions we have taken with our footprint rationalization and modernization program along with the JELD-WEN Excellence Model, our business operating system, strengthen our position in a volatile market environment and prepare us to deliver long-term value creation once the COVID-19 pandemic subsides.”