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Deerfield’s Fortune buying Norcraft to expand cabinet business

 

Deerfield’s Fortune buying Norcraft to expand cabinet business

POSTED BY administrator on Mar 31 under kitchen

Deerfield’s Fortune buying Norcraft to expand cabinet business
News from Chicago Tribune:

Fortune Brands Home & Security is building up its cabinet business with plans to buy Norcraft Cos., bringing together two big makers of kitchen and bathroom cabinets.

Deerfield-based Fortune plans to pay $ 25.50 per share for Eagan, Minn.-based Norcraft. Norcraft shares closed at $ 22.90 on Friday.

Norcraft is attractive in part because of its “great relationships” with dealers, Fortune Brands CEO Chris Klein said in a statement.

The deal will be financed using Fortune’s existing credit facility and is expected to close during the second quarter. Fortune plans to begin a tender offer for Norcraft’s shares in about 15 days.

Norcraft’s sales rose almost 11 percent to $ 376 million last year.

Fortune’s brands include MasterBrand cabinets and Moen faucets.

jwohl@tribpub.com

Twitter @jessicawohl

Copyrigh…………… continues on Chicago Tribune

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