TAYLOR, Mich., March 19, 2015 /PRNewswire/ -- Masco Corporation
(NYSE: MAS) announced today that the new independent
publicly-traded company that will be separated from Masco upon
completion of the spin-off of Masco's Installation and Other
Services businesses will be named TopBuild Corp. and will be listed
on the New York Stock Exchange under the ticker symbol BLD.
TopBuild will be comprised of the Masco Contractor Services
(MCS) business, a leading installer of insulation in the U.S., and
Service Partners, a leading distributor of residential insulation
products and related accessories in the U.S. These combined
businesses reported revenue of $1.5
billion in 2014 and achieved a compounded annual revenue
growth rate of nearly 11 percent since 2010. TopBuild will
have over 190 installation branch locations and over 70
distribution centers across the U.S. and will be headquartered in
Central Florida.
"We are excited about our new name and identity, which reflect
our commitment to deliver the highest quality installation services
and products and demonstrate our team's commitment to enhancing our
strong relationships with our customers and suppliers, which
include many of the nation's leading manufacturers of building
products," said Jerry Volas,
incoming CEO of TopBuild. "The TopBuild name communicates our
position in the industry, our best-in-class people, service and
performance, and our focus on our three lines of business:
residential construction, commercial construction and
repair/remodel. We believe TopBuild's focus and growth
strategies will enable us to create shareholder value."
In addition, upon completion of the spin-off, the MCS business
will operate as TruTeam, reflecting its unique advantage of teaming
its trusted local relationships and field professionals with
national resources and experience. Service Partners will continue
to serve customers under its current name.
The spin-off, which was previously announced in September of
2014, is expected to be complete in mid-2015. Upon completion,
TopBuild's management team will include: Jerry Volas, Chief Executive Officer;
Robert Buck, President and Chief
Operating Officer; and John
Peterson, Chief Financial Officer.
Upon the spin-off's completion, the new company's website will
be www.topbuild.com.
About Masco
Headquartered in Taylor, Michigan,
Masco Corporation is one of the world's leading manufacturers of
branded building products, as well as a leading provider of
services that include the installation of insulation and other
building products.
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SOURCE Masco Corporation