Business Leader can report that one of the world’s leading manufacturers of branded home improvement and building products is exploring ‘strategic alternatives’ for its cabinetry and window businesses, potentially putting thousands of jobs under threat.
New-York headquartered Masco Corporation is one of the world’s largest home improvement companies and in the UK owns window and door businesses such as Duraflex, Griffin Windows, Evolution, Phoenix Doors & Premier.
Whilst not yet complete, the review of its operations could mean the closing of the businesses and loss of jobs.
Keith Allman, Masco’s President and CEO, comments: “Over the past five years, we have been executing our strategy to drive the full potential of our core businesses, leverage opportunities across our organization, and actively manage our portfolio to drive shareholder value.
“Our Cabinetry and Window businesses are leaders in their respective markets and are well positioned to continue their growth. However, we believe we can potentially drive greater shareholder value by exploring strategic alternatives for these businesses. We expect to complete this review by the end of June.”
For 2018, the Cabinetry Products and Windows and Other Specialty Products segments on a combined basis reported $1.7 billion in net sales, $120 million in operating profit and $161 million in adjusted EBITDA , which represented 20 percent of Masco’s consolidated net sales, 10 percent of consolidated operating profit, and 11 percent of consolidated adjusted EBITDA.
For 2018, Masco reported net sales of its Windows and Other Specialty Products segment of $755 million, operating profit of $34 million and adjusted EBITDA of $62 million.