- Aligns with Doors That Do MoreTM strategy focused on bringing
differentiated door systems to the residential market
- Expands Masonite’s total addressable market with a portfolio of
customizable, aluminum-framed exterior glass door systems and
related products
Masonite International Corporation ("Masonite") (NYSE: DOOR)
today announced that its U.S. subsidiary has acquired Fleetwood
Aluminum Products, LLC (“Fleetwood”), for $285 million in cash.
Fleetwood is a leading designer and manufacturer of premium,
aluminum-framed glass door and window solutions for luxury homes.
Their products include multi-slide and pocket glass patio doors,
pivot and hinged glass entry doors, and folding glass door wall
systems, as well as accompanying premium window products. The
company’s exceptionally high-quality product offerings are fully
customizable and feature modern designs, sleek hardware, and
precision locking and rolling systems. Supporting their focus on
innovation, Fleetwood has extensive in-house design, engineering
and testing capabilities and holds several patents and trademarks
for products with energy-saving and weather-resistant features.
“Fleetwood has an outstanding reputation for product leadership,
manufacturing excellence and modern designs for luxury residential
applications,” said Howard Heckes, President and CEO of Masonite.
“Their stunning door and window systems create a blend of
indoor/outdoor living, showcasing natural light, style, security
and energy efficiency, while adding exceptional beauty and
flexibility to the home. Our companies share a common focus on
improving life and living for homeowners, and we are thrilled to
welcome the Fleetwood employees and partners into the Masonite
family. This is the second acquisition we have completed in 2023 as
part of our Doors That Do MoreTM strategy to expand our product
portfolio and address new and non-traditional segments of the
market with innovative and differentiated door systems.”
A family-owned business since 1961, Fleetwood is headquartered
in Corona, CA, and operates a 200,000 sq. ft. manufacturing
facility with approximately 350 total employees. Fleetwood products
are sold through a network of over 200 exclusive dealers that
partner with homebuilders and architects to offer their
industry-leading products to homeowners throughout North America.
Additional information about Fleetwood can be found at
www.fleetwoodusa.com.
Fleetwood is expected to contribute approximately $150 million
of incremental full-year revenue to Masonite in 2024. Net of
expected tax benefits attributable to the acquisition, the purchase
price would equate to approximately $255 million, equivalent to
approximately 7 times Fleetwood’s anticipated 2024 EBITDA. The
transaction was funded with a combination of cash on hand and
borrowings under Masonite’s ABL credit facility.
Masonite plans to operate Fleetwood as an independent business
unit within its North American Residential business segment.
Management will discuss the transaction further on its third
quarter corporate earnings conference call on November 8, 2023, at
9:00 am Eastern Time.
ABOUT MASONITE
Masonite International Corporation is a leading global designer,
manufacturer, marketer and distributor of interior and exterior
doors and door systems for the new construction and repair,
renovation and remodeling sectors of the residential and
non-residential building construction markets. Since 1925, Masonite
has provided its customers with innovative products and superior
service at compelling values. Masonite currently serves more than
7,000 customers globally. Additional information about Masonite can
be found at www.masonite.com.
Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the federal securities laws, including our
discussion of the acquisition of Fleetwood, statements regarding
expected revenue and EBITDA contributions, our ability to
successfully operate and/or integrate the business and grow into
new and non-traditional segments of the marketplace, and
expectations regarding Masonite’s addressable markets. When used in
this press release, such forward-looking statements may be
identified by the use of such words as "may," "might," "could,"
"will," "would," "should," "expect," "believes," "outlook,"
"predict," "forecast," "objective," "remain," "anticipate,"
"estimate," "progressing," "potential," "continue," "plans,"
"project," "showing," "yielding," "targeting," or the negative of
these terms or other similar terminology.
Forward-looking statements involve significant known and unknown
risks, uncertainties and other factors that may cause the actual
results, performance or achievements of Masonite, or industry
results, to be materially different from any future plans, goals,
targets, objectives, results, performance or achievements expressed
or implied by such forward-looking statements. As a result, such
forward-looking statements should not be read as guarantees of
future performance or results, should not be unduly relied upon,
and will not necessarily be accurate indications of whether or not
such results will be achieved. Factors that could cause actual
results to differ materially from the results discussed in the
forward-looking statements include, but are not limited to,
downward trends in our end markets and in economic conditions;
reduced levels of residential new construction; residential repair,
renovation and remodeling; and non-residential building
construction activity due to increases in mortgage rates, changes
in mortgage interest deductions and related tax changes and reduced
availability of financing; competition; the continued success of,
and our ability to maintain relationships with, certain key
customers in light of customer concentration and consolidation; our
ability to accurately anticipate demand for our products; impacts
on our business including seasonality, weather and climate change;
our ability to successfully consummate and integrate acquisitions
and to effectuate dispositions; changes in prices of raw materials
and fuel; tariffs and evolving trade policy and friction between
the United States and other countries, including China, and the
impact of anti-dumping and countervailing duties; increases in
labor costs, the availability of labor, or labor relations (i.e.,
disruptions, strikes or work stoppages); our ability to manage our
operations including potential disruptions, manufacturing
realignments (including related restructuring charges) and customer
credit risk; product liability claims and product recalls; our
ability to generate sufficient cash flows to fund our capital
expenditure requirements and to meet our debt service obligations,
including our obligations under our senior notes, our term loan
credit agreement (the "Term Loan Facility") and our asset-based
revolving credit facility (the "ABL Facility"); limitations on
operating our business as a result of covenant restrictions under
our existing and future indebtedness, including our senior notes,
the Term Loan Facility and the ABL Facility; fluctuating foreign
exchange and interest rates; the continuous operation of our
information technology and enterprise resource planning systems and
management of potential cyber security threats and attacks and data
privacy requirements; political, economic and other risks that
arise from operating a multinational business; retention of key
management personnel; environmental and other government
regulations, including the United States Foreign Corrupt Practices
Act ("FCPA"), and any changes in such regulations; the scale and
scope of public health issues and their impact on our operations,
customer demand and supply chain; and our ability to replace our
expiring patents and to innovate and keep pace with technological
developments. For additional information on identifying factors
that may cause actual results to vary materially from those stated
in the forward-looking statements, see Masonite’s reports on Forms
10-K, 10-Q and 8-K filed with or furnished to the SEC from time to
time. Masonite undertakes no obligation to publicly update or
revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231019648067/en/
Investor Contact: Marcus Devlin DIRECTOR, INVESTOR
RELATIONS 813.371.5839 | mdevlin@masonite.com
Media Contact: Lori Conrad DIRECTOR, EXTERNAL
COMMUNICATIONS 813.739.1828 | lconrad@masonite.com
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