Masco Corporation Announces Signing of Definitive Agreement to Sell Masco Cabinetry
Masco Corporation (MAS)
Last masco corporation earnings: 4/29 07:00 am
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Source: Business Wire
LIVONIA, Mich.--(BUSINESS WIRE)--Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, has entered into a definitive agreement to sell Masco Cabinetry to ACProducts, Inc., a manufacturer of cabinetry products owned by American Industrial Partners, for $1.0 billion, consisting of $850 million in cash at closing and preferred stock issued by a holding company of the buyer with a liquidation preference of $150 million. The preferred stock will have a coupon of 8 percent, increasing to 10 percent in the third year.The agreement contains customary representations, warranties, and covenants. The closing of the sale is expected to occur during the first quarter of 2020, subject to customary closing conditions and regulatory review.Masco Cabinetry will be accounted for as discontinued operations for the fourth quarter and full year 2019. With this change, our normalized annual tax rate is now expected to be 26% compared
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News
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- Masco Co. (NYSE: MAS) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
MAS
Earnings
- 10/29/24 - In-Line
MAS
Sec Filings
- 11/7/24 - Form 4
- 11/6/24 - Form 4
- 11/6/24 - Form 144
- MAS's page on the SEC website