Masco To Acquire L.D. Kichler Co. - Quick Facts

(RTTNews) - Masco Corp. (MAS), a manufacturer of branded home improvement and building products, said it has agreed to acquire L.D. Kichler Co., a developer of decorative residential and light commercial lighting products, ceiling fans and LED lighting systems across both consumer and professional distribution channels.

Cleveland, Ohio-based Kichler Lighting had revenues of approximately $450 million in 2017 and employs approximately 700 people worldwide.

The transaction is expected to close in the first quarter of 2018, and will be funded with cash on hand. Masco intends to report the financial results of Kichler Lighting in its Decorative Architectural Products segment.

In addition, Masco said it acquired Mercury Plastics, Inc. in the fourth quarter of 2017. Mercury is a plastics processor and manufacturer of water handling systems for appliance and faucet applications, as well as other highly engineered plumbing products, tubing, and assemblies.

Middlefield, Ohio-based Mercury had revenues of about $45 million in 2017 and employs approximately 300 people. Masco intends to report the financial results of Mercury in its Plumbing Products segment.

"We believe that, because of our rigorous acquisition process and patience, these acquisitions will be accretive to our earnings in 2018 and will demonstrate Masco's ability to deliver on our strategic initiatives to create significant shareholder value. We expect to provide a more in-depth update on these transactions on our fourth quarter earnings conference call on February 8, 2018," said Masco's President and CEO, Keith Allman.