Masco Corporation Enters Into a Definitive Agreement to Sell Kichler Lighting
03 Settembre 2024 - 3:10PM
Business Wire
Masco Corporation (NYSE: MAS) announced today that it has signed
a definitive agreement to sell its Kichler Lighting business to an
affiliate of Kingswood Capital Management for a purchase price of
approximately $125 million, subject to customary adjustments.
Headquartered in Solon, Ohio, Kichler Lighting is a provider of
decorative residential and light commercial lighting products,
ceiling fans and LED lighting systems across both consumer and
professional distribution channels. Kingswood Capital Management, a
private investment firm based in Los Angeles, California, is the
owner of Progress Lighting, also a provider of residential and
light commercial decorative lighting solutions.
“Under Masco’s ownership, Kichler has undergone a series of
transformations which have generated efficiencies within its
business, improved customer service, and enabled greater product
innovation. Going forward, we believe this business has greater
potential to realize future growth as part of an organization with
a more concerted focus on lighting,” said Keith Allman, President
and CEO, Masco Corporation. “We are confident this transaction will
be mutually beneficial to Kichler Lighting and Kingswood Capital
Management, while simultaneously driving greater value for Masco
shareholders.”
The transaction is expected to be completed prior to the end of
the year, subject to customary closing conditions and regulatory
approvals.
Headquartered in Livonia, Michigan, Masco Corporation is a
global leader in the design, manufacture and distribution of
branded home improvement and building products. Our portfolio of
industry-leading brands includes Behr® paint; Delta® and Hansgrohe®
faucets, bath and shower fixtures; Liberty® branded decorative and
functional hardware; and HotSpring® spas. We leverage our powerful
brands across product categories, sales channels and geographies to
create value for our customers and shareholders. For more
information about Masco Corporation, visit www.masco.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240903666735/en/
Media contact: Sue Sabo Director, Communications
313.792.6226 sue_sabo@mascohq.com
Investor Relations contact: Robin Zondervan Vice
President, Investor Relations and FP&A 313.792.5500
robin_zondervan@mascohq.com
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