Welcome to our dedicated page for MasterBrand news (Ticker: MBC), a resource for investors and traders seeking the latest updates and insights on MasterBrand stock.
MasterBrand Inc (MBC) is a North American leader in crafting residential cabinetry solutions, specializing in kitchen and bathroom storage systems. This page aggregates all official corporate announcements, financial disclosures, and strategic developments for investors and industry observers.
Access real-time updates on earnings reports, product innovations, and market expansions directly from the source. Our curated collection includes press releases about manufacturing advancements, dealer network growth, and sustainability initiatives within the wood cabinetry sector.
Key coverage areas: quarterly financial results, new cabinet line launches, executive leadership changes, and operational efficiency milestones. Bookmark this page to monitor how MBC maintains its industry position through quality craftsmanship and distribution partnerships across the U.S. and Canada.
MasterBrand, Inc. (NYSE: MBC), North America's largest residential cabinet manufacturer, has released its annual Corporate Sustainability and Responsibility (CSR) Report. The report highlights the company's progress in sustainability, resource stewardship, associate well-being, and corporate governance.
Key accomplishments in 2023 include:
- Conducting baseline water consumption assessments in manufacturing plants
- Achieving 90%+ landfill avoidance rates at five facilities
- Improving OSHA recordable rate to below 1, 74% better than industry average
- Adding two new Board members to enhance diversity and expertise
- Creating a Policy Review Committee for compliance program development
CEO Dave Banyard emphasized MasterBrand's commitment to high standards and continuous improvement in corporate responsibility.
MasterBrand, through its subsidiary MasterBrand Cabinets, completed a $520 million acquisition of Supreme Cabinetry Brands from GHK Capital Partners. This strategic move enhances MasterBrand's portfolio in premium cabinetry, aiming to offer a broader range of products and improved service. The acquisition is expected to generate $28 million in annual cost synergies by the end of year three through procurement, facility optimization, and overhead expense savings. Additionally, it is anticipated to be accretive to adjusted diluted earnings per share within the first full year post-closing. MasterBrand plans to leverage commercial synergies across complementary channels and product lines.
MasterBrand, the largest residential cabinet manufacturer in North America, will release its second quarter 2024 financial results on August 6, 2024, after market close. A live conference call and webcast will follow at 4:30 p.m. ET to discuss the results and business outlook. Investors can join the call via telephone or access the live webcast through MasterBrand's website. Replay options will be available until August 20, 2024, for those unable to attend the live event.
MasterBrand, the largest residential cabinet manufacturer in North America, has launched the MasterBrand Dealer Designer Council. Comprising nine industry experts, this council aims to offer insights into consumer trends and buying habits while fostering a community for dealer designers. Dave Banyard, MasterBrand's President and CEO, highlighted the company's commitment to enhancing customer experience through collaboration. The inaugural meeting held in Nashville focused on idea-sharing and best practices, with future meetings planned throughout the year. Marty Van Doren, Executive VP and Chief Commercial Officer, emphasized the council's role in providing real-time feedback on customer experiences and industry trends. For more details, visit MasterBrand's Dealer Designer Council webpage.
MasterBrand has announced the pricing of its $700 million offering of 7.00% Senior Notes due 2032. The transaction is expected to close on June 27, 2024. The notes will be unsecured, unsubordinated debt, guaranteed by subsidiaries backing the company's credit facility. Proceeds from the notes, combined with other borrowings and cash, will fund the acquisition of Supreme Cabinetry Brands, refinance existing credit facilities, and cover related fees. The notes are being offered to qualified institutional buyers and certain non-U.S. investors, with no current registration under U.S. securities laws.
MasterBrand (NYSE: MBC) intends to offer $700 million in Senior Notes due 2032, subject to market conditions and other factors. The raised funds, along with borrowings from a new revolving credit facility and existing cash, will finance the acquisition of Supreme Cabinetry Brands, refinance existing credit facilities, and cover related expenses. The Notes will be issued to qualified institutional buyers under Rule 144A and certain non-U.S. investors under Regulation S, and will not be registered under the Securities Act of 1933.
MasterBrand, the largest residential cabinet manufacturer in North America, has announced the appointment of Catherine Courage to its Board of Directors, effective June 6, 2024.
Courage, currently Vice President at Google, leads a user experience and data science team. She brings a wealth of experience in technology and user experience, having previously held leadership positions at Google, DocuSign, Citrix, and Salesforce.
MasterBrand's CEO, Dave Banyard, highlighted the strategic benefit of Courage's expertise as the company continues to invest in its tech-enabled initiatives. Courage also holds board positions at the California College of Arts and Insight Enterprises.
MasterBrand (NYSE: MBC) announced it will acquire Supreme Cabinetry Brands for $520 million in cash, a move that aligns with its growth priorities and expands its product and brand portfolio.
The acquisition is expected to yield $28 million in cost synergies by the end of year three and be accretive to adjusted diluted EPS within the first year post-closing. The deal values Supreme at 8.9x its adjusted EBITDA for the twelve months ending March 31, 2024, which improves to 5.9x with synergies.
The acquisition, subject to customary closing conditions and expected to close in Q3 2024, will be funded through cash on hand and existing credit facilities, supported by an incremental debt commitment from JPMorgan Chase Bank.
The combined entity aims to leverage expanded dealer networks, improve efficiency, and enhance customer experience, targeting a net debt to adjusted EBITDA ratio of under 2.0x within two years post-close.
A conference call to discuss the transaction is scheduled for 8:00 a.m. ET today.
MasterBrand, Inc. (NYSE: MBC) reported first-quarter 2024 financial results with a 5.7% decrease in net sales to $638.1 million. Net income was $37.5 million, adjusted EBITDA margin increased to 12.4%, diluted earnings per share were $0.29, and operating cash flow was $18.7 million. The company reiterated its 2024 financial outlook with expectations of a low single-digit decline in net sales, adjusted EBITDA in the range of $370 million to $400 million, and adjusted diluted EPS between $1.40 to $1.60.
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