HBSDealer Stock Watch: Monday’s even split
On a strong day for Wall Street, the hardware and building supply industry wins some and loses some. Half the stocks tracked below showed a gain, and half didn’t.
Talk of an end to the government showdown was credited for lifting the S&P 500, Nasdaq and the Dow 30. Among industry stocks, LL was up 2.7% and LOW gained 2.1%.
Acquisition for M-D Building Products
Oklahoma City-based M-D Building Products has acquired the assets of Seattle-based Morse Industries, bringing additional diversification to the maker of weatherization, flooring and installation products. With Morse, M-D gains a portfolio of solutions in railing, shower and architectural metals.
“The Morse acquisition reinforces M-D as an industry consolidator seeking to complement our existing growth strategy as we continue to diversify and expand into new markets,” said Loren Plotkin, chairman and president of M-D Building Products. “After meeting with the Morse team, it didn’t take long to determine it was in the best interest of both companies to consider an acquisition.”
Founded in 1982, Morse is a family operated company providing industry professionals working solutions in railing, shower and architectural metals. The acquisition includes three facilities as well as an international distribution system servicing North America, Europe and the Pacific Rim.
Plotkin continued, “Morse is an ideal fit for M-D. Both companies are privately held family owned and operated and share similar values. The bringing together of these two companies expands our product portfolio, increases our manufacturing capabilities, adds distribution centers and opens new markets. We view the acquisition of Morse as a driver of long-term growth.”
Morse Industries operates three distribution facilities in the United States, serving North America, Europe and the Pacific Rim. Morse specializes in the customized commercial railing, shower, architectural metals, extrusions, slide tracks and marine products.
Morse has national operations including distribution facilities in Kent, Wash.; Brea, Calif.; and Indian Trail, N.C. M-D Building Products operates multiple manufacturing sites across the United States and Canada. Terry Morse will continue in his role as CEO of Morse.