Masonite acquires Door-Stop International for $50 million
Masonite has wrapped up its acquisition of Door-Stop International Limited, a major U.K. distributor of composite exterior residential doors.
The $50 million transaction was for 100% of Door-Stop’s outstanding shares. Door-Stop’s revenue came in at over $38 million in 2013.
"We believe the acquisition of Door-Stop positions Masonite as a leader in the manufacturing and distribution of residential doors and door sets for the UK market," said Chris Virostek, Masonite’s SVP corporate development. “We are excited about the capabilities that this acquisition adds to Masonite.”
Door-Stop’s facility is located in Nottinghamshire, with employment of approximately 200 people.
“Door-Stop’s products and service model are a natural complement to Masonite’s business,” said Gary Dutton, chairman and founder of Door-Stop. “We are pleased to see this transaction completed and are excited about the opportunities it will bring our employees and customers.”
Masonite’s sales up 0.5% in Q4
Masonite’s progress during the fourth fiscal quarter was largely stagnant, with sales improving 0.5% and net loss increasing by approximately $100,000.
Net sales for the quarter totaled at $420.5 million, with its net loss weighing in at $7.6 million.
For the full fiscal year, sales increased 3.3% to $1.7 billion. The company’s bottom line also enjoyed a boost, with net loss decreasing by $12.2 million to $11.0 million.
"2013 was an important year for Masonite as two successful U.S. residential wholesale price increases allowed North American average unit price to turn positive for the first time in several years,” said Fred Lynch, president and CEO. “Even more importantly, we recently implemented additional price increases across all North American residential distribution points as we strive to achieve appropriate value for the high quality products and services we provide."
National Gypsum promotes Mixson
National Gypsum promoted John Mixson to the position of VP sales and marketing. He succeeds Craig Weisbruch, who retires as senior VP of sales and marketing after 39 years.
“John Mixson and I have worked closely together over the past 15 years and whenever given an assignment, he has distinguished himself and addressed strategic challenges to the benefit of our customers and our company,” said National Gypsum Chairman, President and CEO Tom Nelson. “Throughout his distinguished career, Craig Weisbruch has been a highly effective leader who has made National Gypsum a better company by building a world-class sales and customer service organization and establishing outstanding relationships with our customers.”
Mixson began his career with National Gypsum in 1999 as director of strategic planning. In 2004, he assumed the role of southeast area sales manager and in 2008, accepted the leadership role for the company’s marketing and advertising functions. As director of marketing, Mixson led several strategic initiatives related to branding, field sales training, product development and sustainability and was instrumental in guiding National Gypsum’s new Purple branding campaign. He spent the last year as VP of sales, overseeing dealer sales and national accounts.