Masonite International Corp. said 1 March 2004 that it has received regulatory approval to purchase the residential entry-door business of U.S.-based firm The Stanley Works.
Masonite International, b…
Masonite International Corp. said 1 March 2004 that it has received regulatory approval to purchase the residential entry-door business of U.S.-based firm The Stanley Works. Masonite International, based in the Toronto-area, said government approval for the USD 160 million deal came on 27 February 2004 and was expected to close shortly afterwards. The deal includes a multi-year licence for use of the Stanley Door brand name and related brands by Masonite. With Stanley“s entry-door business sales estimated at USD 200 million annually, the acquisition is expected to add to Masonite“s earnings immediately. Stanley“s entry-door business makes and prehangs steel and fibreglass residential doors and entry systems for sale primarily to the U.S. retail home improvement market in the USA. Masonite, based in suburban Mississauga, Ontario, has international administrative offices in Tampa, Florida. The door maker operates more than 70 plants in 12 countries and has over 12,000 employees.