TAMPA, Fla.--(BUSINESS WIRE)--Masonite International Corporation ("Masonite") (NYSE: DOOR) today announced that it completed the sale of Premdor, S.A.S. (“Premdor”), Masonite’s door business in France, to an investment fund managed by Perceva S.A.S.(“Perceva”), a Paris-based independent investment firm, for nominal consideration. Premdor S.A.S. had net sales of approximately $127 million for the year ended December 28, 2014 and over 680 employees.
“The sale of our business in France reflects another positive step in our strategic initiative of optimizing our portfolio and increasing shareholder value," said Fred Lynch, President and CEO. "I want to thank the Premdor associates in France for their dedication and hard work in the face of very difficult business conditions. They have been part of the Masonite family since the 1990’s, and we wish them the best as they continue their commitment to customer service under new ownership."
Masonite will discuss the divestiture, 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.
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.
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.