Owens Corning has completed the acquisition of all outstanding common shares of Masonite International, a provider of interior and exterior doors and door systems, for approximately $3.9bn.
Founded in 1925, Masonite operates 64 manufacturing and distribution facilities in North America and employs more than 10,000 people globally.
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The company has a presence in both the repair and remodel and new construction sectors.
The deal was announced in February this year.
The acquisition is anticipated to expand building and construction materials provider Corning’s position in branded residential products.
It is expected to increase Corning’s annual revenue to $12.5bn, with adjusted earnings before interest, taxes, depreciation, and amortisation of $2.9bn on a synergised basis.
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By GlobalDataThe company further anticipates achieving approximately $125m in run-rate cost synergies with this acquisition.
Masonite shareholders voted in favour of the transaction at its special meeting of shareholders on 25 April.
With the completion of the acquisition, Masonite’s common shares will no longer be traded on the New York Stock Exchange (NYSE), US, and will be delisted.
Corning chair and CEO Brian Chambers said: “The addition of Masonite to Owens Corning marks a significant milestone for our company, as we further strengthen our position as a market leader in building and construction materials.
“Over the past several years, Owens Corning has been on a journey to transform and grow our company through strategic choices and strong execution. The completion of this acquisition represents the start of an exciting next chapter that allows us to leverage our proven commercial, operational, and innovation capabilities to increase our offering of highly valued branded building materials for our customers.”
In addition, Corning has appointed Chris Ball as president of its Doors business segment.
Ball previously served as president of Masonite’s Global Residential business.
