Masco sells cabinetry business
Masco announced that it has completed the sale of its Masco Cabinetry business to ACProducts, Inc.
Terms of the sale include $850 million in cash at closing and preferred stock issued by a holding company of the buyer with a liquidation preference of $150 million.
Last year Masco sold its Milgard Windows and Doors business to MI Windows and Doors in a $725 million deal.
Earlier this month, the Livonia, Mich.-based home improvement products manufacturer reported flat fourth quarter 2019 sales of $1.64 billion. For the year, Masco posted sales of $6.7 billion, also relatively flat compared to sales of $6.65 billion in 2018.
Masco’s brands include Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; KraftMaid and Merillat cabinets; Kichler decorative and outdoor lighting; and HotSpring spas.
Terms of the sale include $850 million in cash at closing and preferred stock issued by a holding company of the buyer with a liquidation preference of $150 million.
Last year Masco sold its Milgard Windows and Doors business to MI Windows and Doors in a $725 million deal.
Earlier this month, the Livonia, Mich.-based home improvement products manufacturer reported flat fourth quarter 2019 sales of $1.64 billion. For the year, Masco posted sales of $6.7 billion, also relatively flat compared to sales of $6.65 billion in 2018.
Masco’s brands include Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; KraftMaid and Merillat cabinets; Kichler decorative and outdoor lighting; and HotSpring spas.