Masonite International Corporation Announces Acquisition of A&F Wood Products, Inc.
October 02 2017 - 4:01PM
Business Wire
Masonite International Corporation (NYSE: DOOR) today announced
that it has completed the acquisition of A&F Wood Products,
Inc. (“AFWP”), a wholesaler and fabricator of architectural and
commercial wood doors in the Midwest United States. Founded in
1968, AFWP excels in providing door and hardware distributors with
wood doors, hollow metal doors, custom metal frames, wood frames
and hardware with quick ship capabilities. The sellers will retain
the use of the A&F brand for use with a separate pocket door
frame business they will continue to operate.
AFWP employs approximately 50 people at a single site in Howell,
Michigan and net sales for the twelve months ended May 31, 2017
were approximately US $14 million. Masonite expects the acquisition
to be immediately accretive to our Adjusted EBITDA margin. Masonite
has a long and valued history as a supplier of door products to
AFWP. Terms of the acquisition were not disclosed.
“AFWP’s ability to provide quick ship custom machined and
finished wood doors, hollow metal doors and related products to
door and hardware distributors is a natural complement to Masonite
Architectural’s manufacturing business,” said Graham Thayer, senior
vice president and business leader of Masonite Architectural. “This
transaction demonstrates our commitment to improving responsiveness
to our customers with short lead times, additional products and
value-added services. We are excited to welcome the AFWP team to
the Masonite Architectural family.”
About Masonite
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 serves
more than 7,000 customers in 65 countries. Additional information
about Masonite can be found at www.masonite.com.
Forward-looking
Statements
This press release may contains forward-looking information and
other forward-looking statements within the meaning of applicable
Canadian and/or U.S. securities laws, including information related
to the expected financial impact of the acquisition of A&F Wood
Products, Inc. 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; competition; our ability to
successfully integrate the recent acquisition, increases in the
costs of raw materials or any shortage in supplies; the actions by,
and the continued success of, certain key customers; our ability to
maintain relationships with certain customers; retention of key
management personnel; and other factors publicly disclosed by the
company from time to time.
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version on businesswire.com: http://www.businesswire.com/news/home/20171002006412/en/
Masonite International CorporationJoanne Freiberger, CPA, CTP,
IRC, 813-739-1808VP, TREASURERjfreiberger@masonite.comorBrian
Prenoveau, CFA, 813-371-5839DIR. INVESTOR
RELATIONSbprenoveau@masonite.com
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