Masonite International Corporation Announces Acquisition of Wood Door Division from Assa Abloy

TAMPA, Fla.--()--Masonite International Corporation (NYSE: DOOR) today announced that it has completed the acquisition of the operating assets of the wood door companies of AADG, Inc., part of ASSA ABLOY, which includes the brands Graham Manufacturing Corporation (“Graham”) and The Maiman Company (“Maiman”).

“We believe this acquisition fits well with Masonite’s existing Architectural business. Graham and Maiman will provide Masonite with an expanded footprint to better serve our customers”

Graham provides the non-residential construction industry with a full range of architectural premium and custom grade flush wood doors. Maiman is a manufacturer of architectural stile and rail wood doors, thermal fused flush wood doors and wood door frames.

The two divisions employ approximately 275 people located in their three manufacturing facilities in Mason City, IA and Springfield, MO.

Net sales for the two divisions for the twelve months ended December 2017 were approximately $70 million.

“We believe this acquisition fits well with Masonite’s existing Architectural business. Graham and Maiman will provide Masonite with an expanded footprint to better serve our customers,” said Graham Thayer, Masonite’s Senior Vice President, Architectural.

The acquisition of these assets marks Masonite’s ninth acquisition in the last four years.

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 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 impact of the acquisition. 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, our ability to successfully integrate the products, employees and operations of as well as the ability to ensure continued performance of products; the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; general economic, market and business conditions; competition; 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 in its Form 10-K for fiscal 2017 and subsequent 10-Qs filed with the SEC.

Contacts

Masonite International Corporation
Joanne Freiberger, CPA, CTP, IRC, 813-739-1808
VP, TREASURER
jfreiberger@masonite.com
or
Brian Prenoveau, CFA, 813-371-5839
DIR. INVESTOR RELATIONS
bprenoveau@masonite.com

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