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Owens Corning to buy Masonite in $3.9bn deal
(Sharecast News) - US building and construction materials company Owens Corning said on Friday that it has agreed to buy Masonite, a provider of interior and exterior doors and door systems, in a $3.9bn deal. Under the terms of the transaction, Owens will pay $133 per share in cash for Masonite, which is a 38% premium to the closing share price on Thursday.
Owens Corning said the addition of Masonite's "market-leading doors business creates a new growth platform for Owens Corning, strengthening the company's position in residential building materials and extending its offering of highly valued products and brands".
Founded in 1925, Masonite operates 64 manufacturing and distribution facilities, mainly in North America, and has more than 10,000 employees globally.
Owens Corning chair and chief executive Brian Chambers said: "We are excited by this opportunity to add a scalable new growth platform for our company.
"Masonite is a market leader that complements our existing residential interior and exterior product offering and has consistently demonstrated top-line growth and margin expansion. The combination of our commercial, operational, and innovation capabilities allows us to accelerate our long-term enterprise growth strategy with a clear line of sight to meaningful synergies and increased cash flow generation. We look forward to welcoming the talented Masonite team to Owens Corning and working with them to deliver enhanced value to customers and shareholders."
At 1300 GMT, Masonite shares were up a whopping 34% in pre-market trade at $129.60.
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