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.
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, 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.