Masco Corporation has concluded its strategic review of its Cabinetry and Windows businesses and will pursue the sale of these businesses, as the company says in the press release received by Lesprom Network.
“Since we announced the strategic review of our Cabinetry and Windows businesses in March, we have worked with our external advisors, our Cabinetry and Windows business units, and our Board of Directors to evaluate alternatives to best deliver long-term value for our shareholders,” said Keith Allman, Masco’s President and CEO. “We have determined that pursuing the sale of Masco Cabinetry, Milgard Windows and UK Window Group in three separate transactions is the most appropriate path forward to accomplish this value creation. We expect that the sales of these businesses will be concluded in approximately six to nine months, assuming that each of these transactions can be completed on acceptable terms and conditions.”
For 2018, the Cabinetry Products and Windows and Other Specialty Products segments on a combined basis reported $1.7 billion in net sales, $120 million in operating profit and $161 million in adjusted EBITDA (defined as operating profit plus depreciation and amortization expense of $36 million and excluding $5 million of rationalization charges), which represented 20% of Masco’s consolidated net sales, 10% of consolidated operating profit, and 11% of consolidated adjusted EBITDA.
Headquartered in Livonia, Michigan, Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products.