Masco buys five home products firms
By Furniture Today Staff -- Furniture Today, June 24, 2002
TAYLOR, Mich. — Masco said last week it has acquired five home products companies, none of them furniture-related, in cash and stock deals worth about $220 million.
The home products giant also again revised upward its quarterly earnings projections. Masco now expects second-quarter earnings will be in the range of 40 to 42 cents per share, up from earlier guidance of 38 to 40 cents, with annual earnings per share of around $1.50 to $1.55.
Chairman and Chief Executive Officer Richard Manoogian said the improvements in sales and earnings the company saw in the first quarter continued into the second, with recent results "exceeding expectations."
The recent acquisitions should add modestly to fiscal 2002 earnings, the company said. Together, the acquired businesses have annual sales of about $200 million.
Masco, whose main products are faucets and cabinets, owns ready-to-assemble furniture producers Mills Pride, Tvilum-Scanbirk and d-Scan.
The newly acquired companies include plumbing products providers Newport Brass and Bristan Ltd., and also Cambrian Windows Ltd., Duraflex Ltd. and Premier Mfg. Ltd., all makers of vinyl window frames and related products.
Except for California-based Newport Brass, all the acquired companies are based in Britain.
