HALEYVILLE - Masonite International Corporation, a leading global provider of interior and exterior doors and doors systems with a manufacturing facility in Haleyville, announced Friday, Feb. 9, that it is being acquired by Owens Corning, a leader in global building and construction materials.
The acquisition was announced via a joint press release. In the $3.9 billion acquisition, Owens Corning will acquire all outstanding shares of Masonite for $133 per share in cash, representing an approximate 38% premium to Masonite's closing share price on Thursday, Feb. 8 and an approximate 46% premium to Masonite's 20-day volume-weighted average price.
Founded in 1925, Masonite designs, manufactures, and markets doors and door systems, with a vertically integrated manufacturing model serving both repair and remodel and new construction demand. Masonite operates 64 manufacturing and distribution facilities, primarily in North America, and has over 10,000 employees globally.
“We are excited by this opportunity to add a scalable new growth platform for our company,” said Brian Chambers, board chair and chief executive officer of Owens Corning. “Masonite is a market leader that complements our existing residential interior and exterior product offering and has consistently demonstrated top-line growth and margin expansion. The combination of our commercial, operational, and innovation capabilities allows us to accelerate our long-term enterprise growth strategy with a clear line of sight to meaningful synergies and increased cash flow generation. We look forward to welcoming the talented Masonite team to Owens Corning and working with them to deliver enhanced value to customers and shareholders.”
"Our world-class team is transforming the door industry with differentiated solutions for the home,” said Howard Heckes, president and chief executive officer of Masonite. “The combination with Owens Corning enables the acceleration of our Doors That Do More™ strategy, while delivering immediate and substantial value to our shareholders. This agreement brings together two storied companies with a common focus on innovation and making life better at home for the people who use our products every day. As we begin our next chapter after nearly 100 years in business, I am looking forward to Masonite joining the Owens Corning team.”
Heckes noted that there would be no interruption to Masonite's ongoing engagements.
"We will continue to focus on providing excellent customer service and high-quality products," Heckes said.
The transaction is expected to close in mid-2024, with both companies anticipating a seamless transition.
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