Masonite Announces Acquisition of National Hickman
By Business Wire News
By Business Wire News
Masonite International Corporation (the “Company”) (NYSE: DOOR) today announced that it has completed the acquisition of National Hickman (“Hickman”). Hickman is a leading supplier of doorkits (similar to fully finished prehung door units) and other millwork in the United Kingdom providing the new homebuilder sector with customized solutions delivered directly to the job site.
Hickman employs approximately 400 people at sites located near Birmingham, England, and Glenrothes, Scotland. Hickman’s net sales for the twelve months ended June 2015 were approximately US $110 million. The purchase price for 100% of the outstanding shares was approximately US $82.0 million.
“Hickman’s leadership in providing doorkit solutions to the homebuilder market in the UK is a natural extension of our UK business,” said Chris Virostek, Masonite’s Senior Vice President, Strategy Implementation and Corporate Development. “Hickman’s deployment of automation and product line leadership complements the strategies we are pursuing with our business.”
“Hickman and Masonite have shared a long history together in the UK and Hickman is a natural addition to Masonite’s business,” said Dave Formaston, Managing Director of Hickman. “Our team is excited to join the Masonite family and looks forward to the opportunities it will present for our employees and customers.”
Masonite will discuss the acquisition, 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 6,000 customers in 70 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, including our discussion of improvements in the housing market and related markets and the effects of our pricing and other strategies. 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.
Masonite International Corporation
Joanne Freiberger, 813-739-1808
Vice President and Treasurer