Mar 18 2010
Masonite Inc. (the “Company”) (OTCBB: MASWF) today announced the acquisition of substantially all of the assets of Ledco, Inc. (“LEDCO”), located in Shelbyville, KY. LEDCO is a premier interior flush door manufacturer specializing in molded, veneer, mirror, pine, and bifold doors. LEDCO (previously known as Lake Erie Door Company) was founded in 1964 in Akron, Ohio, by the Solomon family and has been manufacturing and selling high quality door products since its inception. With a strong wholesale customer base located east of the Rockies, LEDCO has developed one of the finest reputations in the industry for providing high quality doors, customer focused service and unique products. The financial details of the acquisition have not been disclosed.
“LEDCO is a well run and highly respected door manufacturer. Their specialized business model is a natural fit for Masonite, and our respective customers will definitely benefit from the combined strengths of both companies. Specifically, LEDCO’s bifold and mirror door capabilities, along with their unique Classic Curves product line, will complement Masonite’s product line,” stated Larry Repar, Masonite’s Executive Vice President and Chief Operating Officer.
LEDCO’s President, Steve Solomon, will remain with Masonite in a senior advisory role. Joseph Solomon will remain with Masonite having the overall responsibility of the Shelbyville facility. LEDCO’s Vice President of Sales and Marketing, Drew Scott, will also remain with the Company and assume a senior sales role with Masonite’s Wholesale Team. The combined experience of these three leaders along with all of their colleagues in the plant and in the field, will add significant additional resources to Masonite as the Company continues delivering on its strategic growth initiatives.
Masonite’s President and Chief Executive Officer, Fred Lynch, stated, “We welcome all of our new colleagues from LEDCO and look forward to growing our business together. The LEDCO team and product offering is highly complementary to Masonite and the combination of the two companies will certainly lead to significant opportunities for our customers, employees, and suppliers.”
Mr. Lynch continued, “We view this acquisition as an important first step as we seek to employ our strong capital structure to accelerate profitable growth by targeting incremental capital expenditures, add-on acquisitions and strategic acquisitions. We believe Masonite is well positioned to continue to be a leader in the building products industry.”
Source: http://www.masonite.com