TAMPA, Fla.--(BUSINESS WIRE)--
Masonite International Corporation (the "Company") (NYSE:DOOR) today
announced that it has completed the acquisition of USA Wood Door
(“USA”). USA is a wholesaler and fabricator of architectural and
commercial wood doors in the Eastern United States providing door and
hardware distributors with machined, re-sized, and value added additions
to both unfinished and prefinished doors, in short lead times.
USA employs approximately 50 people at a single site in Thorofare, New
Jersey. USA’s net sales for the twelve months ended August 31, 2015 were
approximately US $18 million. The purchase price for 100% of the
outstanding shares was approximately US $13 million, subject to standard
adjustments.
"USA’s leadership in providing quick ship, value added architectural and
commercial wood doors to door and hardware distributors is a natural
extension of our North American architectural door business," said Chris
Virostek, Masonite’s Senior Vice President, Strategy Implementation and
Corporate Development. “USA’s focus on speed, quality and flexibility
complements the strategies we are pursuing with our business.”
“USA has shared a long and valued history with Masonite. The majority of
the doors we hold for distribution are two of Masonite’s key brands,
Algoma® and Mohawk®,” said John Krause, President of USA Wood Door. “Our
team is excited to join the Masonite family and looks forward to the
opportunities it will present for our employees and customers.”
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 7,000 customers
in 80 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. 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/20151001005249/en/
Source: Masonite International Corporation
Masonite International Corporation
Joanne Freiberger, 813-739-1808
Vice
President and Treasurer
investorrelations@masonite.com