Mill’s Pride, Four Other Firms, Bought by Masco

by WOHe

Mill’s Pride, Four Other Firms, Bought by
Masco

Taylor, MI Masco Corp., the corporate parent of Merillat
Industries, KraftMaid and several other major cabinet, faucet and
building products suppliers, has acquired five additional
companies, including major cabinet manufacturer Mill’s Pride, the
company announced.

The acquisitions, for a cost of an estimated $3.8 billion,
significantly bolsters Masco’s position as the leading cabinet
producer in the U.S., and rounds out its immense portfolio of
building products manufacturing firms. Aside from Merillat,
KraftMaid and Mill’s Pride, other Masco-owned cabinet companies
include Quality Cabinets/Texwood and StarMark. The Taylor, MI-based
Masco also owns Delta Faucet Co., Aqua Glass, Franklin Brass,
Zenith Products Corp., Alsons, Baldwin and other industry-related
companies.

The acquisition of ready-to-assemble cabinet giant Mill’s Pride
based in West Palm Beach, FL and with manufacturing facilities in
Waverly, OH is said to considerably strengthen Masco’s position
with Home Depot, the nation’s largest cabinet purchaser.

According to kitchen and bath market analyst Ed Pell, the Mill’s
Pride acquisition will increase annual sales in the Masco cabinet
group to about $1 billion, with total Masco sales to Home Depot
going from $500 million last year to an estimated $1.5 billion in
2000. Home Depot’s total 1998 sales were just over $30.2
billion.

Other companies involved in the rash of acquisitions by Masco
included Superia Radiatoren, N.V., based in Belgium and involved in
the production of standard plate radiators; Inrecon, L.L.C., a
Birmingham, MI-based specialist in restoring damaged properties;
the Santa Ana, CA-based paint supplier, Behr Process Corp., and
Arrow Fastener Co., a Saddle Brook, NJ-based supplier of hand-held
power tools.

The five acquired companies will have combined annual sales
projected to be in excess of $1.5 billion, according to Pell.

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