logo
Plus   Neg
Share
Email

Masco To Acquire L.D. Kichler Co. - Quick Facts

Masco Corp. (MAS), a manufacturer of branded home improvement and building products, said it has agreed to acquire L.D. Kichler Co., a developer of decorative residential and light commercial lighting products, ceiling fans and LED lighting systems across both consumer and professional distribution channels.

Cleveland, Ohio-based Kichler Lighting had revenues of approximately $450 million in 2017 and employs approximately 700 people worldwide.

The transaction is expected to close in the first quarter of 2018, and will be funded with cash on hand. Masco intends to report the financial results of Kichler Lighting in its Decorative Architectural Products segment.

In addition, Masco said it acquired Mercury Plastics, Inc. in the fourth quarter of 2017. Mercury is a plastics processor and manufacturer of water handling systems for appliance and faucet applications, as well as other highly engineered plumbing products, tubing, and assemblies.

Middlefield, Ohio-based Mercury had revenues of about $45 million in 2017 and employs approximately 300 people. Masco intends to report the financial results of Mercury in its Plumbing Products segment.

"We believe that, because of our rigorous acquisition process and patience, these acquisitions will be accretive to our earnings in 2018 and will demonstrate Masco's ability to deliver on our strategic initiatives to create significant shareholder value. We expect to provide a more in-depth update on these transactions on our fourth quarter earnings conference call on February 8, 2018," said Masco's President and CEO, Keith Allman.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Walmart is ditching its dress code policy and is testing a new dress code that will allows "associates" to wear blue denim and shirts of any solid color. The updated dress coded guidelines now allow employees to wear blue "jeggings" and blue jeans and shirts of any solid color, according to a Walmart... Canadian investment firm Fairfax Financial Holdings Ltd. has submitted a "stalking horse" bid worth C$300 million, or $237 million, for the Canadian unit of Toys "R" Us, according to court documents. A stalking horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on its assets. The car rental market in the U.S. is consolidating as large car rental companies are buying smaller, local companies to expand their portfolio of premium and value brands. The key players in the U.S. market include Enterprise Holdings, Hertz Global Holding and Avis Budget Group. Let's take a look at some of the best and worst car rental companies in the U.S.
Follow RTT