logo
Plus   Neg
Share
Email
Comment

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Amid a government shutdown, the Senate voted Monday to move forward on a short-term spending bill to re-open the government. The Senate voted 81 to 18 in favor of limiting debate on the bill, which would fund the government through February 8th. Opera, a web browser for Windows, macOS, and Linux operating systems, has added cryptocurrency mining protection to its mobile browsers. It is part of the browser's ad blocker function. In its desktop-based versions, Opera had introduced cryptocurrency miner protection in early January. French drug giant Sanofi SA Monday announced an agreement to buy US-based hemophilia drugmaker Bioverativ Inc. (BIVV) for around $11.6 billion. The deal expands Sanofi's presence in specialty care and strengthens leadership in rare diseases. Sanofi shares were losing around 4 percent in the early morning trading in Paris.
comments powered by Disqus
Follow RTT