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Fortune Brands boosts cabinets business with Norcraft buy


Fortune Brands boosts cabinets business with Norcraft buy

POSTED BY administrator on Mar 30 under kitchen

Fortune Brands boosts cabinets business with Norcraft buy
News from Reuters:

Fortune Brands Home & Security Inc FBHS.N said it would acquire Norcraft Cos Inc NCFT.N for $ 441.4 million to expand its bathroom and kitchen cabinet business.

Fortune, which makes MasterBrand cabinets and Moen faucets, will pay $ 25.50 per share, a premium of 11.4 percent to Norcraft’s Friday closing price.

The deal has an enterprise value of about $ 600 million, including debt.

Norcraft, a seller of kitchen and bathroom cabinets in North America under the brands including Mid Continent, Norcraft, UltraCraft, StarMark, Fieldstone, and Urban Effects, reported sales of $ 376 million for 2014.

Deerfield, Illinois-based Fortune Brands gets over 40 percent of sales from its cabinets business. It also makes Therma-Tru entry door systems and Master Lock and SentrySafe security products.

Norcraft, which has a market value of about $ 396 million, reported on Monday a 16.7 percent rise in sales to $ 94 million for the fourth quarter ended Dec. 31.

Fortune Brands plans to fi…………… continues on Reuters

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Kristina Phillips in the remodeled kitchen of her Ridgewood home. The kitchen features Shaker-style cabinets that have flat, clean lines. The microwave? It’s below the counter. “I just didn’t want to see it,” she says.

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Softer colors such as gray hues and white and Shaker-style cabinets have been bubbling up for the past couple of years and are among the top wants in new kitchen designs. Backsplashes are playing a big role, as are more informal seating and charging stations in the kitchen. And try looking u…………… continues on NorthJersey.com

… Read the full article

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