Companies can grow by simply selling more products, but there is a long history of corporate growth based on strategic mergers and acquisitions. In recent months, the woodworking industry has seen some huge deals that stand to dramatically reorder the industry leaders.

Using the FDMC 300 list of the largest wood products manufacturers in North America as a starting point, it looks like high-profile mergers and acquisitions will mean big changes for the 2026 list, which won’t come out until next April. Here’s a quick analysis of some of the recent mergers and what they mean for the larger industry.

New number two?
One of the biggest mergers in the industry this year was MasterBrand Cabinets’ acquisition of American Woodmark announced in August. Described as an all-stock deal valued at $3.6 billion, the merger joins the #6 FDMC 300 company (MasterBrand) with the #12 FDMC 300 company (American Woodmark).

Under the terms of the agreement, at closing, American Woodmark shareholders will receive 5.150 shares of MasterBrand common stock for each share of American Woodmark common stock owned. MasterBrand and American Woodmark shareholders will own approximately 63 percent and 37 percent, respectively, of the combined company on a fully diluted basis. Pro forma for the transaction, the trailing 12 months adjusted EBITDA of the combined company is projected to be $639 million, inclusive of anticipated run rate cost synergies of approximately $90 million by the end of year three.

“Bringing together MasterBrand and American Woodmark will be a transformative step for both of our organizations that will even better position us to serve the evolving needs of our customers and provide consumers with more choice and access,” said Dave Banyard, president and CEO of MasterBrand.

MasterBrand was listed as having $2.7 billion in sales in the 2025 FDMC 300 list, which was based on 2024 numbers. American Woodmark was listed as having $1.847 billion in sales for the same period. If the combined company could maintain those sales, it would leapfrog to #2 on the FDMC 300 list, behind Ashley Furniture at $6.85 billion and ahead of MillerKnoll at $3.6 billion.
Another factor that bodes well for the merger is both companies base the vast majority of their manufacturing operations in the United States, insulating them to some extent from international trade and tariff uncertainties.
 

HNI-Steelcase merger
Another huge deal that might also battle for the #2 spot on the FDMC 300 list is the sale of Steelcase to HNI in a combined stock and cash deal. Steelcase was #4 on the FDMC 300 list with sales of $3.2 billion. HNI was #11 on the FDMC 300 list with sales of $1.888 billion. Their combined numbers put them in the running for that #2 spot behind Ashley Furniture.

Jeffrey Lorenger, HNI’s chairman, said the merger would capitalize on the increasing in-office work trends that have accelerated after the end of the pandemic. He was expected to lead the combined company from its corporate headquarters in Muscatine, Iowa, but Steelcase will continue to maintain its headquarters in Grand Rapids, Michigan.

Also noteworthy in 2025 was Pella Corporation’s (#9) acquisition of Weather Shield (#41) in July. Terms of the transaction that united two major window and door manufacturers, were not disclosed.
 

Breaking the top 25?
Another merger took place a little lower in the FDMC 300 rankings but stands to shake up the top 10 percent of the list all the same. In July, MJB Wood Group finalized its acquisition of Adornus Cabinetry. MJB had been listed at #26 on the FDMC 300 list with $550 million in sales. Adornus had not previously been included in the list and has not volunteered sales data. Adornus has three domestic locations, including a 349,000-square-foot factory in South Carolina.

MJB manufactures and supplies cabinet components to the industry, and Adornus, a Miami-based specialist in frameless cabinetry was one of MJB’s customers. Officials connected with the merger said the intent was to have Adornus continue to operate as an independent company. In return MJB gets control of an entire supply chain from mills to finished product.

With the added sales, it stands to reason that MJB will jump at least a few notches to land solidly in the top 25 of FDMC 300 companies.

More M&A activity
Nearing the fourth quarter of 2025, there has been a lot of action in mergers and acquisitions not just in the FDMC 300 list. Clearly, there are shakeups going across a wide spectrum of the woodworking industry and its supply chain. Here are a few recent deals:

• Menzner Hardwoods Co. acquires Harris Hardwoods Inc.
• Sharp Tool acquires Forrest Manufacturing.
• Collins Pine sells particleboard and wood siding plants to Swiss Krono.
• ABC Supply acquires Exterior Home Products LLC.
• North American Specialty Laminations acquires kärvd, a millwork and moulding manufacturer.
• Lowe’s Companies Inc. acquires Foundation Building Materials.
• La-Z-Boy acquired 15 more of its namesake stores.

About the FDMC 300
The FDMC 300 is the woodworking industry’s oldest recognized ranking of the largest North American manufacturers of wood and panel products. The 2025 FDMC 300 is sponsored by (in alphabetical order): Daubert Chemical Co., DVUV, IMA Schelling Group, Panel Processing Inc., SATA, and Vortex Tool Co.

The 39th annual report was published in the April issue of FDMC magazine. Updates of the FDMC 300 firms and the various industry segments are posted throughout the year at WoodworkingNetwork.com/FDMC300. For questions or inclusion in the FDMC 300, contact Karen Koenig at [email protected].