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

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.