Masco Corporation Announces Sale of The Heating Group
April 30 2008 - 4:24PM
PR Newswire (US)
TAYLOR, Mich., April 30 /PRNewswire-FirstCall/ -- Masco Corporation
(MAS) announced today that it has sold its European based The
Heating Group for a price of approximately $155 million to an
affiliate of Vaessen Industries, headed by Jos Vaessen. The Heating
Group, which has been included in discontinued operations in the
first quarter of 2008, consists of Vasco, a leading manufacturer of
designer radiators, and Brugman International and Superia
Radiatoren, leading manufacturers of steel panel radiators.
Combined 2007 net sales of The Heating Group were approximately
$177 million. "We believe this transaction will be beneficial to
all involved. It will enable Masco to concentrate on businesses
that are core to our growth strategies and should provide The
Heating Group with additional growth opportunities," said Tim
Wadhams, Masco President and Chief Executive Officer. Jos Vaessen,
President of Vaessen Industries, commented: "Product innovation,
energy efficient products and a full line of new radiator products,
including aluminum, tubular, electrical, and convector radiators,
will be our highest priority. We intend to create a strong European
group for radiators and related products with a particular focus on
the tremendous growth opportunities in Eastern Europe."
Headquartered in Taylor, Michigan, Masco Corporation is one of the
world's leading manufacturers of home improvement and building
products, as well as a leading provider of services that include
the installation of insulation and other building products. For
more information, visit http://www.masco.com/. Headquartered in
Dilsen-Stokkem, Belgium, The Heating Group is one of Europe's
leading manufacturers of designer and panel radiators. Statements
contained herein that reflect the Company's views about its future
performance constitute "forward-looking statements" under the
Private Securities Litigation Reform Act of 1995. These views
involve risks and uncertainties that are difficult to predict and,
accordingly, the Company's results may differ materially from the
results discussed in such forward- looking statements. For an
explanation of various factors that may affect our performance,
refer to our most recent Annual Report on Form 10-K (particularly
the "Risk Factors" section) and to any subsequent Quarterly Reports
on Form 10-Q, all of which are on file with the Securities and
Exchange Commission. The Company undertakes no obligation to update
any forward-looking statements, whether as a result of new
information, future events or otherwise. The Company believes that
certain non-GAAP performance measures and ratios that may be
contained herein, used in managing the business, may provide users
of this financial information with additional meaningful
comparisons between current results and results in prior periods.
Non-GAAP performance measures and ratios should be viewed in
addition to, and not as an alternative for, the Company's reported
results under accounting principles generally accepted in the
United States. Additional information about the Company is
contained in the Company's filings with the Securities and Exchange
Commission and is available on Masco's website at
http://www.masco.com/ DATASOURCE: Masco Corporation CONTACT: Media
Contact, Sharon Rothwell, Vice President - Corporate Affairs,
+1-313-792-6028, , or Investor Contact, Maria Duey, Vice President
- Investor Relations, +1-313-792-5500, , both of Masco Corporation
Web site: http://www.masco.com/ Company News On-Call:
http://www.prnewswire.com/comp/535350.html
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