Jul 28 2015
Masonite International Corporation today announced that it has completed the acquisition of Performance Doorset Solutions Limited. PDS is a leading supplier of custom doors and millwork in the United Kingdom that specializes in non-standard product specifications, manufacturing both wood and composite solutions.
PDS employs approximately 150 people located in Lancashire, UK. PDS’s fiscal year ended April 2015 net sales exceeded US $20 million. The purchase price for 100% of the outstanding shares was approximately US $16.0 million.
"PDS is a producer of high quality niche product lines that complement Masonite’s existing UK business. We believe the acquisition of PDS strengthens Masonite’s leadership position in the UK market," said Chris Virostek, Masonite’s Senior Vice President, Strategy Implementation and Corporate Development. “PDS is another positive step in our core strategy of portfolio optimization designed to increase shareholder value.”
“PDS’s products and service model are a natural addition to Masonite’s business,” said Tim Fairley, MD, founder of PDS. “We are pleased to see this transaction completed and are excited about the opportunities it will bring for our employees and customers.”
Masonite will discuss the acquisition; along with its 2015 second quarter financial results, on its quarterly conference call on Thursday, August 6, 2015, at 10:00 a.m. ET. Please note the dial-in number for the conference call as follows: 877-407-3980 (in the U.S.) or 201-689-8475 (outside U.S.). The conference call will also be available via live webcast under the Investor Relations section of Masonite’s website at Q2'15 Earnings Webcast.
Source: http://www.masonite.com/