Record Year Posted by Masco
Taylor, MI Masco Corp., the publicly traded building/home
improvement products manufacturer with major holdings in the
kitchen and bath industry, has reported that net sales for 2002,
aided by acquisitions, increased 14% over the previous year, to a
record $9.4 billion.
The Taylor, MI-based company, which reported a net income of
$590 million for the year, also said that it has increased its
ownership of Hansgrohe AG from 27% to approximately 64%. Hansgrohe,
based in Schiltach, Germany, is a leading manufacturer of kitchen
and bath faucets, hand-held and fixed showers, luxury shower
systems and whirlpool tubs.
Masco’s key industry-related holdings include Merillat Industries,
KraftMaid Cabinetry and Delta Faucet Co., among others.
Masco said last month that the company is “guardedly optimistic,”
and believes it will achieve record sales and earnings in 2003.
“The company believes, however, that in the present economic
environment it is prudent to be conservative in forecasting . . .
and to anticipate a possible slowdown in housing starts and a
moderation of consumer spending,” Masco Corp. officials noted.