TAMPA, Fla.--(BUSINESS WIRE)--
Masonite International Corporation (NYSE: DOOR) today announced that it
has completed the acquisition of A&F Wood Products, Inc. (“AFWP”), a
wholesaler and fabricator of architectural and commercial wood doors in
the Midwest United States. Founded in 1968, AFWP excels in providing
door and hardware distributors with wood doors, hollow metal doors,
custom metal frames, wood frames and hardware with quick ship
capabilities. The sellers will retain the use of the A&F brand for use
with a separate pocket door frame business they will continue to operate.
AFWP employs approximately 50 people at a single site in Howell,
Michigan and net sales for the twelve months ended May 31, 2017 were
approximately US $14 million. Masonite expects the acquisition to be
immediately accretive to our Adjusted EBITDA margin. Masonite has a long
and valued history as a supplier of door products to AFWP. Terms of the
acquisition were not disclosed.
“AFWP’s ability to provide quick ship custom machined and finished wood
doors, hollow metal doors and related products to door and hardware
distributors is a natural complement to Masonite Architectural’s
manufacturing business,” said Graham Thayer, senior vice president and
business leader of Masonite Architectural. “This transaction
demonstrates our commitment to improving responsiveness to our customers
with short lead times, additional products and value-added services. We
are excited to welcome the AFWP team to the Masonite Architectural
family.”
About Masonite
Masonite International Corporation is a leading global designer and
manufacturer of interior and exterior doors for the residential new
construction; the residential repair, renovation and remodeling; and the
non-residential building construction markets. Since 1925, Masonite has
provided its customers with innovative products and superior service at
compelling values. Masonite serves more than 7,000 customers in 65
countries. Additional information about Masonite can be found at www.masonite.com.
Forward-looking Statements
This press release may contains forward-looking information and other
forward-looking statements within the meaning of applicable Canadian
and/or U.S. securities laws, including information related to the
expected financial impact of the acquisition of A&F Wood Products, Inc.
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,”
“potential,” “continue,” “plan,” “project,” “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, general economic, market and
business conditions; competition; our ability to successfully integrate
the recent acquisition, increases in the costs of raw materials or any
shortage in supplies; the actions by, and the continued success of,
certain key customers; our ability to maintain relationships with
certain customers; retention of key management personnel; and other
factors publicly disclosed by the company from time to time.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171002006412/en/
Source: Masonite International Corporation