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Masco

 
Overview
Masco Corporation is today one of the world’s largest manufacturers of brand-name consumer products for the home improvement and new construction markets. Masco is also a leading provider of services that include the sale and installation of insulation and other building products such as cabinetry, fireplaces, gutters, bath accessories, garage doors, shelving and windows.

Our products include faucets, kitchen and bath cabinets, architectural coatings (paints and stains), bath and shower units, spas, showering and plumbing specialties, windows, electronic locksets and other hardware.

The Company’s operations consist of five business segments, based on similarities in products and services:

  • Cabinets and Related Products

  • Plumbing Products

  • Installation and Other Services

  • Decorative Architectural Products

  • Other Specialty Products


Manufacturing facilities for our products are located throughout the United States. International operations are located primarily in Europe.

Today, Masco has approximately 6,300 shareholders and 62,000 employees.

Community involvement and good citizenship are important parts of the Masco corporate creed; and through its Foundation, the Company has demonstrated its commitment to a variety of arts, cultural and housing-based organizations, such as Habitat for Humanity, serving the communities in which its companies and employees reside.
Culture
1924 — Alex Manoogian migrates to Detroit where he takes a job in a screw machine shop. 1929 — Alex Manoogian organizes Masco Screw Products Company in Detroit, Michigan, machining parts for the automotive industry. 1930 — Masco’s first contract from the auto industry comes from the Hudson Motor Car Company and totals $7,000. 1935 — Annual sales exceed $100,000 for the first time. 1936 — Masco becomes a public company and is listed on the Detroit Stock Exchange. 1942 — Masco’s annual sales exceed $1 million. 1948 — Expanding its manufacturing efforts, Masco purchases a plant on Ford Road in Dearborn, Michigan. 1952 — Masco acquires rights to a single-handle washerless faucet and Alex Manoogian begins redesigning the product. 1954 — Masco begins production and marketing of the Delta single-handle faucet. 1958 — Delta Faucet annual sales exceed $1 million. Richard Manoogian joins the Company. 1961 — Masco Screw Products Company changes its name to Masco Corporation. 1967 — Masco Corporation moves to new corporate headquarters in Taylor, Michigan. 1968 — Richard Manoogian becomes President and Chief Operating Officer. 1969 — Masco Corporation is listed on the New York Stock Exchange. 1975 — Masco joins the Fortune 500 list of the largest U.S. corporations. 1983 — Masco’s annual sales exceed $1 billion. 1984 — Masco Industries is created as a separate operating unit. Sales of the combined companies exceed $1 billion. 1985 — Masco enters the cabinet manufacturing business. 1988 — TriMas Corporation is created from a group of Masco Industries and Masco Corporation specialty products companies. 1991 — TriMas Corporation is listed on the New York Stock Exchange. 1993 — Masco Industries becomes MascoTech, Inc. and is listed on the New York Stock Exchange. 1995 — Masco enters the services business. 1996 — Ray Kennedy becomes President and Chief Operating Officer. Alex Manoogian passes away on July 10 at age 95. Masco divests its furniture industry. 1998 — TriMas Corporation merges with MascoTech to form one company offering a wide array of diversified products. Masco announced a 2-for-1 stock split, the ninth time the Company has split its shares since 1960 and the 40th consecutive year its dividends have increased. 1999 — Masco enters the architectural coatings business. Annual sales exceed $5 billion. 2001 — Masco enters the windows business. Masco’s operating profit exceeds $1 billion. 2003 — Ray Kennedy, Masco’s President and Chief Operating Officer, passes away on February 4 at age 60. Masco increases its quarterly dividend for the 45th consecutive year. Masco’s annual sales exceed $10 billion. On April 8, Alan Barry was appointed Masco's President and Chief Operating Officer. 2005 — Masco returned $1.3 billion to shareholders through share repurchases and dividends. Masco increases its quarterly dividend for the 47th consecutive year, ranking Masco among the top ten publicly-owned companies achieving increased annual consecutive dividends
Quality and Excellence
Driven by a focus on excellence in people, products, service, and partnering relationships, Masco remains committed to being a premier growth company—a commitment that has resulted in above-average increases in earnings and value to shareholders.

The entrepreneurial spirit of founder Alex Manoogian and his commitment to excellence permeates the organization to this day. His vision, nurtured and developed during Masco’s formative years, stands as the foundation upon which the company has built a record of growth matched by few companies in America.

“Do not be satisfied with average performance,” Manoogian advised his employees. “Strive for excellence. If you cannot give your customers a better value and a better product, do not sell the product.”

Current Chairman and CEO Richard Manoogian shares his father’s vision and commitment to excellence and has driven the Company’s growth to new heights in the past two decades.

The Masco quest for quality and its standard of excellence remain as strong today as yesterday.
Corporate Citizenship
Masco Corporation values and actively promotes the social, economic and cultural growth of the communities it serves. This support is secured predominantly through the Masco Corporation Foundation—Masco’s primary vehicle for providing funding to specific 501(c)3 organizations in the greater Detroit region.

Given the complex and compelling needs that exist for community nonprofits, Masco has resolved to focus its efforts on low-income housing initiatives, as well as a number of key arts, cultural, educational, human service and civic initiatives that are in keeping with its corporate objectives.

Masco Headquarters’ corporate and foundation support to qualified, well managed, not-for-profit organizations comprises a combination of cash grants, in-kind product donations, and time and expertise through a variety of volunteer initiatives including nonprofit board memberships and the construction by Masco employees of a Habitat for Humanity home each year in Detroit. In addition, Masco’s individual operating divisions across the nation are encouraged to support local activities in their respective communities.
Corporate Development
Target Markets
Masco has historically utilized acquisitions as an important part of its growth strategy. We have had significant success in acquiring companies in both the U.S. and abroad that fit our acquisition criteria. These include products and services that fit within our five core platforms:

  • Cabinets and Related Products;
  • Plumbing Products;
  • Installation and Other Services;
  • Decorative Architectural Products; and
  • Other Specialty Products


Acquisition Criteria
Masco seeks to acquire companies that manufacture building or home improvement products, or provide compatible services. Candidates for acquisition are companies which:

  • Offer the prospect of sustainable, above average growth and profitability in an existing or complementary market.
  • Have a proven record of consistent profitability with minimum operating profit margins in the mid-teens or better.
  • Are leaders in their particular market or technology.
  • Are entrepreneurial.
  • Are committed to enhancing the personal growth and development of their employees.

Although Masco is frequently approached with opportunities that may deviate from our core acquisition criteria, we do not acquire “turnarounds.”

Proven History of Success
We are known for our common sense approach in working with an acquired company. Masco offers significant resources to assist with marketing, purchasing and operational initiatives to achieve sustainable competitive advantages.

Generally, companies that join Masco experience accelerated growth for a number of reasons:

  • A post-acquisition operating environment, which encourages and rewards high standards of performance.
  • Added resources (which include capital) as well as support from corporate staff services in such areas as environmental, human resource, marketing, information systems, research and development, and legal.
  • Extensive cross-fertilization and cross platform opportunities with our other consumer products businesses to collectively gain market share and expanded distribution.
  • Participation in our corporate programs targeting leading home improvement retailers and large production builders.

Adhering to this successful formula has allowed Masco to achieve significant annual increases in sales, profits and market share for its many products and services.