Owens Corning Completes Acquisition of Masonite, Strengthening Leadership in Building and Construction Materials

PublishTime： 2024-05-31 Article Source：Owens Corning Official Website

Expands Owens Corning’s leadership position in branded residential products with a complementary line of innovative

interior and exterior doors and door systems
Creates a scalable new growth platform leveraging combined commercial, operational, and innovation capabilities
Enhances Owens Corning’s attractive financial profile
Generates strong free cash flow to support consistent capital allocation strategy
Names Chris Ball President of Doors business

Owens Corning (NYSE: OC) announced it has completed its acquisition of Masonite International Corporation (“Masonite”), a leading global provider of interior and exterior doors and door systems. All outstanding Masonite common shares have been acquired by Owens Corning for $133.00 per share, with an implied transaction value of approximately $3.9 billion.

“The addition of Masonite to Owens Corning marks a significant milestone for our company, as we further strengthen our position as a market leader in Building and Construction Materials,” said Brian Chambers, Chair and Chief Executive Officer of Owens Corning. “Over the past several years, Owens Corning has been on a journey to transform and grow our company through strategic choices and strong execution. The completion of this acquisition represents the start of an exciting next chapter that allows us to leverage our proven commercial, operational, and innovation capabilities to increase our offering of highly valued branded building materials for our customers. We are excited about expanding into this new growth platform and for the opportunities ahead.”

Founded in 1925, Masonite is a leading global provider of interior and exterior doors and door systems serving both repair and remodel and new construction demand. Masonite operates 64 manufacturing and distribution facilities, primarily in North America, and has over 10,000 employees globally.

With the completion of the acquisition, Owens Corning’s annual revenue grows to $12.5 billion, with adjusted EBITDA of $2.9 billion on a synergized basis¹ and reduced ongoing capital intensity. Owens Corning expects to achieve approximately $125 million of run-rate cost synergies. The acquisition drives meaningful shareholder value creation with ROIC exceeding Owens Corning’s cost of capital by the end of Year 3 post-close.

Masonite shareholders voted to approve the transaction at the Special Meeting of Shareholders held on April 25, 2024. With the completion of the acquisition, Masonite’s common shares will cease trading on the New York Stock Exchange and will be delisted.

Doors Business President Named

Owens Corning has named Chris Ball as President of its Doors business. Ball previously served as President of Masonite’s Global Residential business. He will report directly to Chair and Chief Executive Officer Brian Chambers and serve as a member of the company’s Executive Committee.

“We are pleased to welcome Chris to the Owens Corning executive team. His proven track record of growing businesses and developing talent, as well as his strong commercial execution, operational knowledge, and customer focus, will be instrumental as he leads this business into the future,” said Chambers. “Today we are combining two highly talented teams with a shared focus on keeping each other safe, helping our customers win and grow in the market, and delivering value for our shareholders. We look forward to working together with Chris and all of our new colleagues from Masonite.”

Ball joined Masonite as President of its Global Residential business in September 2021. Previously he held leadership roles at several Fortune 500 companies. He was President of the Americas for Cooper Tire & Rubber Company, where he led the North America, Latin America, and Global Commercial Truck Tire business units. He joined Cooper Tire from Whirlpool Corporation, where he served in various roles including Global Vice President for the company’s KitchenAid small appliance business and General Manager of the North America Laundry unit, Whirlpool’s largest business. He has also worked in sales leadership roles for General Mills, Inc.

He holds a bachelor’s degree from Indiana University’s Kelley School of Business and a Master of Business Administration from the executive master’s program at Northwestern University’s Kellogg School of Management.

About Owens Corning

Owens Corning is a global building and construction materials leader committed to building a sustainable future through material innovation. Owens Corning's four integrated businesses – Roofing, Insulation, Doors, and Composites – provide durable, sustainable, energy-efficient solutions that leverage Owens Corning's unique material science, manufacturing, and market knowledge to help Owens Corning's customers win and grow. Owens Corning is global in scope, human in scale with more than 25,000 employees in 31 countries dedicated to generating value for Owens Corning customers and shareholders, and making a difference in the communities where we work and live. Founded in 1938 and based in Toledo, Ohio, USA, Owens Corning posted 2023 sales of $9.7 billion.

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