Jul 3 2010
Masonite Inc. (the “Company”) (OTCBB: MASWF) today announced the strategic acquisition of selected assets of two leading door manufacturers in India--Feroke Boards Limited, located at Aluva near Cochin, Kerala State and Mahsim High Tech Fab Limited, located at Chanalon Industrial Area near Mohali, Punjab State.
The Company is also in the advanced stages of completing a third asset acquisition in a different region of the country.
Masonite has had a strong presence in India for many years selling branded, molded door facings to door manufacturers throughout the country, including Feroke and Mahsim. These two strategic transactions allow the Company to increase its direct presence in the rapidly growing India marketplace, thus increasing the strength of the Masonite brand on a nationwide scale while enhancing our distribution network for molded door facings. The Company will also benefit from the increasing customer preference for molded interior doors.
Larry Repar, Executive Vice President and Chief Operating Officer of Masonite, stated, “The combination of the Feroke and Mahsim businesses, together with our well established independent door facing customers, will allow builders, contractors, and homeowners greater access to the wide assortment of Masonite branded and marketed products through our newly established national footprint.”
Rahul Sharma, Director of Asia Pacific for Masonite, based in New Delhi, India stated, “We are very excited about expanding our business and increasing our commitment to the Indian market. The growing demand for Masonite branded products in India will be better served by our new and expanded business strategy.”