Owens Corning announced Tuesday that it completed its acquisition of Masonite International Corporation, a bellwether provider of interior and exterior doors and door systems, having acquired all outstanding Masonite common shares for $133.00 per share.
The finalization, announced in a May 15 news release, has an implied transaction value of nearly $3.9 billion.
“The addition of Masonite to Owens Corning marks a significant milestone for our company as we further strengthen our position as a market leader in building and construction materials,” said Brian Chambers, chair and CEO of Owens Corning.
“The completion of this acquisition represents the start of an exciting next chapter that allows us to leverage our proven commercial, operational, and innovation capabilities to increase our offering of highly valued branded building materials for our customers,” Chambers added in the statement.
Founded in 1925, Masonite is a leading provider of interior and exterior doors and door systems for repair, remodeling and new construction. It operates 64 manufacturing and distribution facilities, primarily in North America, with over 10,000 employees globally.
With the completion of the acquisition, Owens Corning said its annual revenue now grows to $12.5 billion, with adjusted EBITDA of $2.9 billion on “…a synergized basis1 and reduced ongoing capital intensity.”
The company expects to achieve approximately $125 million of run-rate cost synergies. The acquisition drives meaningful shareholder value creation, with ROIC exceeding Owens Corning’s cost of capital by the end of Year 3 post-close.
Masonite shareholders voted to approve the transaction at the Special Meeting of Shareholders held on April 25. With the acquisition complete, Masonite’s common shares will cease trading on the New York Stock Exchange and will be delisted.
Doors Business President Named
Owens Corning named Chris Ball president of the newly acquired doors business. Ball previously served as president of Masonite’s Global Residential business. He will report directly to Chambers and serve on the company’s Executive Committee.
“We are pleased to welcome Chris to the Owens Corning executive team,” Chambers said. His proven track record of growing businesses and developing talent, as well as his strong commercial execution, operational knowledge, and customer focus, will be instrumental as he leads this business into the future.”
Ball joined Masonite as president of its Global Residential business in September 2021. Previously, he held leadership roles at several Fortune 500 companies, including president of the Americas for Cooper Tire & Rubber Company.
He joined Cooper Tire from Whirlpool Corporation and served in various roles, including global vice president for the company’s KitchenAid small appliance business and general manager of the North America Laundry unit, Whirlpool’s largest business.
He holds a bachelor’s degree from Indiana University’s Kelley School of Business and a master’s degree in business administration from Northwestern University’s Kellogg School of Management's executive master's program.
For more information, visit owenscorning.com.
