TAMPA, Fla.--(BUSINESS WIRE)--
Masonite International Corporation ("Masonite") (NYSE: DOOR) today
announced that it has received a binding offer from Perceva, a
Paris-based independent investment firm, to acquire Premdor S.A.S.,
Masonite’s French door business. Pursuant to the offer, Masonite has the
right to sell Premdor S.A.S. to Perceva on the terms included in the
offer. Masonite has agreed with Perceva to an exclusivity period related
to the potential sale.
The sale is subject to customary conditions including receipt of
regulatory approvals and consultation with French employee
representatives.
Premdor S.A.S. and its subsidiaries (the “French Group”) manufacture and
distribute doors to the commercial and residential markets predominantly
in France. In the year ended December 28, 2014, the French Group had net
sales of approximately €100 million and over 680 employees. No
additional details of the transaction have been disclosed at this time.
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, satisfaction of conditions, including receipt of regulatory
approvals, relating to the proposed transaction; 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/20150615005439/en/
Source: Masonite International Corporation
Masonite International Corporation
Joanne Freiberger,
813-739-1808
Vice
President and Treasurer
investorrelations@masonite.com