Masco has entered into an agreement to sell its cabinetry division - which includes the KraftMaid, Merillat, QualityCabinets, and Cardell Cabinetry brands - to ACProducts Inc. for $1 billion.
The parent of Kraftmaid, Merillat, Masco Cabinetry, and Cardell Cabinetry, Masco Corporation (NYSE: MAS), confirmed it would sell its cabinetry and window businesses.
Viren Shah, CIO of Masco Cabinetry, is among CIOs convening at the 2016 Detroit CIO Executive Leadership Summit, produced by HMG Strategy to be held on June 9, 2016 at the Westin Book Cadillac Detroit.
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Masco said sales increased 4 percent, but cabinetry sales are up just 2 percent. The maker of Merillat and Kraftmaid Cabinets said it sales through home centers fell while dealer sales rose.
Sales increased 4 percent to $2.2 billion; Adjusted operating profit margin increased to 10.9 percent; Adjusted EPS grew 15 percent to $.31 per common share; Reversed deferred tax asset valuation allowance of $517 million