Masco Sells Cabinetry Biz To ACProducts In $1B Deal

Law360 (November 15, 2019, 5:15 PM EST) -- Home improvement and building products maker Masco Corp. said Friday it has agreed to sell its cabinetry business to Texas-based competitor ACProducts for $1 billion.

Michigan-based Masco Corp. said it will sell Masco Cabinetry to cabinetry products maker ACProducts Inc. in a deal that will see ACProducts pay $850 million in cash. A holding company will also issue preferred stock worth $150 million with a coupon of 8%, which will increase to 10% in the third year.

The deal is expected to close in the first quarter of 2020, subject to customary closing conditions and regulatory approvals.

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