TAMPA, Fla.--(BUSINESS WIRE)--
Masonite International Corporation (the “Company”) (NYSE: DOOR) today
announced that it has completed the acquisition of National Hickman
(“Hickman”). Hickman is a leading supplier of doorkits (similar to fully
finished prehung door units) and other millwork in the United Kingdom
providing the new homebuilder sector with customized solutions delivered
directly to the job site.
Hickman employs approximately 400 people at sites located near
Birmingham, England, and Glenrothes, Scotland. Hickman’s net sales for
the twelve months ended June 2015 were approximately US $110 million.
The purchase price for 100% of the outstanding shares was approximately
US $82.0 million.
“Hickman’s leadership in providing doorkit solutions to the homebuilder
market in the UK is a natural extension of our UK business,” said Chris
Virostek, Masonite’s Senior Vice President, Strategy Implementation and
Corporate Development. “Hickman’s deployment of automation and product
line leadership complements the strategies we are pursuing with our
business.”
“Hickman and Masonite have shared a long history together in the UK and
Hickman is a natural addition to Masonite’s business,” said Dave
Formaston, Managing Director of Hickman. “Our team is excited to join
the Masonite family and looks forward to the opportunities it will
present for our employees and customers.”
Masonite will discuss the acquisition, along with its 2015 second
quarter financial results, on its quarterly conference call on Thursday,
August 6, 2015, at 10:00 a.m. ET. Please note the dial-in number for the
conference call as follows: 877-407-3980 (in the U.S.) or 201-689-8475
(outside U.S.). The conference call will also be available via live
webcast under the Investor Relations section of Masonite’s website at Q2’15
Earnings Webcast.
If you are unable to listen to the live conference call, a replay will
be available through August 20, 2015. To access the replay, please dial
877-660-6853 (in the U.S.) or 201-612-7415 (outside U.S.). Enter
Conference ID #13614492.
This press release is available on the Company’s website at www.masonite.com.
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 6,000 customers
in 70 countries. Additional information about Masonite can be found at www.masonite.com.
Forward-looking Statements
This press release contains forward-looking information and other
forward-looking statements within the meaning of applicable Canadian
and/or U.S. securities laws, including our discussion of improvements in
the housing market and related markets and the effects of our pricing
and other strategies. 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; levels of
residential new construction, residential repair, renovation and
remodeling and non-residential building construction activity;
competition; our ability to successfully implement our business
strategy; our ability to manage our operations including integrating our
recent acquisitions and companies or assets we acquire in the future;
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 and our senior secured
asset-backed credit facility; labor relations (i.e., disruptions,
strikes or work stoppages), labor costs, and availability of labor;
increases in the costs of raw materials or any shortage in supplies; our
ability to keep pace with technological developments; the actions by,
and the continued success of, certain key customers; our ability to
maintain relationships with certain customers; new contractual
commitments; our ability to generate the benefits of our restructuring
activities; retention of key management personnel; environmental and
other government regulations; limitations on operating our business as a
result of covenant restrictions under our existing and future
indebtedness, including our senior notes and senior secured asset-based
credit facility; and other factors publicly disclosed by the company
from time to time.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150805005421/en/
Source: Masonite International Corporation
Masonite International Corporation
Joanne Freiberger,
813-739-1808
Vice
President and Treasurer
investorrelations@masonite.com