TAMPA, Fla.--(BUSINESS WIRE)--Masonite International Corporation (the “Company”) today announced that it has completed the acquisition of all of the capital stock of Algoma Hardwoods, Inc. (“Algoma”). Algoma is headquartered in Algoma, WI and manufactures architecturally specified doors at its facilities in Algoma, WI and Jefferson City, TN. Algoma was founded in 1892 in Algoma, WI, and has been manufacturing and selling high-quality door products since 1913. Algoma employs approximately 350 people and 2011 revenue exceeded $60 million. The terms of the transaction have not been disclosed.
“The combination of Algoma with our existing businesses and our vertically integrated supply chain of door components provides our customers with a wider range of high quality, cost effective door products for commercial and architecturally specified applications,” stated Chris Virostek, Masonite’s Senior Vice President of Corporate Development. “Algoma complements Masonite’s existing Marshfield, Mohawk and Baillargeon branded commercial and architectural door businesses and provides an important additional platform of strategic growth for our company.”
“We are excited to join the Masonite team,” said Henk Wolst, Algoma’s Executive VP of Sales and Marketing. “Both Masonite and Algoma have solid reputations of delivering great customer service and innovative, high quality products. We look forward to partnering with Masonite to provide exciting new opportunities for our customers, employees and suppliers.”
This press release is available on the Company's website at www.masonite.com.
About Masonite
Masonite International Corporation is a leading global manufacturer of residential and commercial doors, committed to providing the highest value building products to our customers in more than 70 countries around the world.
Forward-looking Statements
This press release and other related written reports and oral statements made by the Company may include forward-looking statements, all of which are subject to risks and uncertainties. One can identify these forward-looking statements by their use of words such as “may,” “will,” “intend,” “should,” “expect,” “believe,” “outlook,” “predict,” “objective,” “remain,” “anticipate,” “estimate,” “potential,” “continue,” “plan,” “could,” “might,” “project,” “targeting,” and other words of similar meaning, or by the fact that they do not relate strictly to historical or current facts. Readers must carefully consider any such statements and should understand that many factors could cause actual results and developments to differ materially from the Company's forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other known and unknown risks and uncertainties, including: general economic, market and business conditions; levels of construction and renovation activity; competition; financing risks; ability to manage expanding operations and effectively integrate acquired businesses; commitments; new services; retention of key management personnel; environmental and other government regulation; and other factors.
No forward-looking statement can be guaranteed and actual future results may vary materially. Therefore, we caution readers not to place undue reliance on our forward-looking statements. The Company disclaims any responsibility to update these forward-looking statements, whether as a result of new information, future events or otherwise.