TAYLOR, MI -- The Board of Directors of cabinet manufacturer Masco Corp. approved the spin-off of its installation and building products unit TopBuild Corp.
TopBuild will be an independently, publicly traded company on the New York Stock Exchange with the ticker symbol "BLD."
“Last fall, we announced our plan to spin off TopBuild as part of our strategic initiatives to enhance shareholder value," said Masco President and CEO Keith Allman. "Under the leadership of Jerry Volas as its CEO, I am confident that TopBuild is well positioned to operate as an independent public company. Following the spin-off, both TopBuild and Masco will have greater flexibility to focus on and pursue their respective growth strategies. For Masco, this is our ongoing commitment to create shareholder value by profitably growing in branded building products.”
TopBuild, based in Daytona, FL, installs insulation and other building products, including garage doors, fireplaces, shower enclosures, closet shelving and roofing, nationwide through its TruTeam Contractor Services business, which has over 190 installation branches located in 43 states.
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