After revealing its intent to sell both its cabinetry and windows divisions in June, Masco sold its Milgard Windows and Doors unit to MI Windows and Doors early October for $725 million. Milgard is one of the nation's biggest window makers - employing 3,000 across manufacturing and service plants in Portland, Oregon; Sacramento, Simi Valley and Temecula, California; Denver, Colorado; and Dallas/Fort Worth, Texas. MI Windows and Doors is one of the nation's largest suppliers of vinyl and aluminum windows and patio doors.
Masco said its decision to sell resulted from wanting to minimize its exposure to the new construction market. The company hopes to zero in on its "less cyclical" plumbing and decorative architectural products businesses.
For 2018, Masco reported net sales of its Cabinetry Products segment of $950 million, and operating profit of $86 million. The company is the third biggest cabinetmaker on the FDMC 300. Its windows and cabinetry divisions totaled $1.7 billion in revenue for the year.
In July, Masco reported a 6 percent decrease in net sales for its Cabinetry products in the second quarter, due to lower volume, partially offset by pricing. For the six months (ending June 30) cabinetry sales were at $488 million, up 1 percent compared to the same period a year ago.
Have something to say? Share your thoughts with us in the comments below.