TAMPA, Fla.--(BUSINESS WIRE)--
Masonite International Corporation (the "Company") (NYSE:DOOR) today
announced that it has completed the acquisition of Door-Stop
International Limited ("Door-Stop"). Door-Stop is the United Kingdom's
largest pre-hanger and distributor of composite exterior residential
doors and door sets.
Door-Stop employs approximately 200 people, with one facility in
Nottinghamshire, UK. Door-Stop's 2013 revenue exceeded US $38 million.
The purchase price for 100% of the outstanding shares was approximately
US $50 million, net of cash acquired.
"We believe the acquisition of Door-Stop positions Masonite as a leader
in the manufacturing and distribution of residential doors and door sets
for the UK market," said Chris Virostek, Masonite's Senior Vice
President, Corporate Development. "We are excited about the capabilities
that this acquisition adds to Masonite."
"Door-Stop's products and service model are a natural complement to
Masonite's business," said Gary Dutton, Chairman and founder of
Door-Stop. "We are pleased to see this transaction completed and are
excited about the opportunities it will bring our employees and
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 document includes forward-looking statements, all of which are
subject to risks and uncertainties. One can identify these
forward-looking statements by their use of words such as "may," "might,"
"will," "should," "would," "outlook," "estimates," "projects," "plans,"
"anticipates," "expects," "intends," "forecasts," "targets," "believes,"
and other words of similar meaning, or by the fact that they do not
relate strictly to historical or current facts. Such forward-looking
statements reflect management's current beliefs and are based on
information currently available to management. All forward-looking
statements in this document are qualified by these cautionary
statements. These forward-looking statements are likely to address, but
may not be limited to, the Company's strategies relating to growth and
cost containment; the Company's future operations; the Company's ability
to effectively integrate our recent acquisitions and achieve the
intended benefits and synergies of the acquisitions; political and
economic stability, especially in the geographic areas where the Company
manufactures or sells its product; and improving global conditions in
the door manufacturing and housing industries consistent with the
Company's assumed levels of housing starts and repair, renovation and
remodeling. Readers must carefully consider any such statements and
should understand that such statements are based on management's current
estimates and assumptions and are subject to many factors, risks and
uncertainties which could cause actual results and developments to
differ materially from the Company's forward-looking statements. These
factors may include inaccurate assumptions and a broad variety of other
known and unknown risks and uncertainties, including: 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; 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-based 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; the 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 our ABL Facility;
and other factors publicly disclosed by the Company from time to time.
No forward-looking statement can be guaranteed and actual future results
may vary materially. Therefore, we caution you not to place undue
reliance on our forward-looking statements. The Company disclaims any
responsibility to update these forward-looking statements, whether as a
result of new information, future events or otherwise unless required by
Source: Masonite International Corporation