TAMPA, Fla.--(BUSINESS WIRE)--
Masonite International Corporation ("Masonite") (NYSE: DOOR) today
announced that the Board of Directors of Masonite Israel Ltd., a
wholly-owned subsidiary of Masonite International Corporation, decided
to voluntarily seek a Stay of Proceedings from the Israeli courts in an
attempt to restructure the business. The court is expected to appoint a
Trustee to oversee the operation of the business and to attempt to
restructure it.
The action to seek court protection followed a comprehensive evaluation
of the alternatives for the business, including an organized sale
process that was ultimately unsuccessful.
Masonite Israel Ltd. represented less than 1.0 percent of total
consolidated net sales of Masonite International Corporation for the
twelve months ended June 29, 2014 and is currently operating at a loss.
Forward-looking Statements
This press release contains "forward-looking statements" within the
meaning of the federal securities laws. Forward-looking statements
include all statements that do not relate solely to historical or
current facts and can be identified by the use of words such as "may,"
"might," "will," "should," "estimate," "project," "plan," "anticipate,"
"expect," "intend," "outlook," "believe" and other similar expressions.
You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of their dates. These forward-looking
statements are based on estimates and assumptions by our management
that, although we believe to be reasonable, are inherently uncertain and
subject to a number of risks and uncertainties.
These risks and uncertainties include: (i) the ongoing and uncertain
nature of our restructuring efforts in Israel and any unexpected
challenges that may arise; (ii) the underlying assumptions relating to
the forward-looking statements; and (iii) other factors described under
“Special Note Regarding Forward-Looking Statements” and “Risk Factors”
in our Annual Report on Form 10-K for the year ended December 29, 2013
and our Quarterly Report on Form 10-Q for the quarterly period ended
June 29, 2014.
We caution you that the foregoing list of important factors is not
exclusive. We undertake 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.
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 currently serves more than 7,000 customers
in over 80 countries. Additional information about Masonite can be found
at www.masonite.com.
Source: Masonite International Corporation
Masonite International Corporation
Joanne Freiberger, 813-739-1808
Vice
President and Treasurer
investorrelations@masonite.com