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MasterBrand and American Woodmark have officially completed their previously announced all-stock merger transaction, creating what the companies describe as the most comprehensive portfolio of cabinetry brands and products in North America.
The newly combined company will operate under the MasterBrand name and continue trading on the New York Stock Exchange under the ticker symbol “MBC.” American Woodmark is now a wholly owned subsidiary of MasterBrand.
According to company officials, the merger expands operational reach, manufacturing capabilities and customer offerings across the cabinetry market while strengthening long-term growth opportunities.
“Today marks a transformative milestone for MasterBrand,” said Dave Banyard, President and Chief Executive Officer of MasterBrand. “The transaction brings together two industry leaders with complementary strengths, positioning us to deliver exceptional choice, quality, and service to our customers, while creating enhanced long-term value for shareholders.”
“Our immediate focus turns to integration – bringing together our people, operations, and capabilities in a way that accelerates value creation for all stakeholders,” Banyard added. “We are excited to unite our talented teams as we embark on this next chapter of growth.”
The combined company is expected to generate approximately $90 million in annual run-rate cost synergies by the end of year three and become accretive to adjusted diluted earnings per share in year two.
Under the terms of the merger agreement, American Woodmark shareholders received 5.150 shares of MasterBrand common stock for each share of American Woodmark stock held prior to the merger’s completion. Pre-closing MasterBrand shareholders will own approximately 63 percent of the combined company.
MasterBrand will remain headquartered in Beachwood, Ohio, while maintaining operations in Winchester, Virginia.
As part of the transaction, three former American Woodmark directors — Andrew Cogan, Philip Fracassa and Daniel Hendrix — have joined MasterBrand’s Board of Directors as independent directors. David Petratis will continue serving as Chairman of the Board, while Banyard remains President and CEO.
The merger further consolidates the North American cabinetry manufacturing sector at a time when companies across the building products and interiors industries continue investing in operational scale, manufacturing efficiency and expanded product portfolios.
