Across the pond in the US, Masco has announced that it has signed what they call a “definitive agreement” to sell Milgard Windows. In the UK we have different terminology for describing such business activity. They have agreed to sell the company to MI Windows and Doors for $725m.
I don’t often cover fenestration movements from other countries, although that may well change in the medium term. I thought this was worth covering given that Masco up until recently has had a presence in the UK fenestration sector with the UK Window Group.
Window businesses divested
In March of this year Masco announced that it was to look at “strategic alternatives” with regards to its window and cabinetry businesses. Then in June they announced that their UK business, the UK Window Group was to be put up for sale. In September, documents on Companies House showed that Masco were no longer an interested party in the company and that the company had been renamed UK Window Group, removing Masco from the name. Although no statements have been issued by any parties involved, I think its safe to say the company no longer controls UK Window Group.
The sale of Milgard Windows thus completes their plan to sell their window companies. This was the statement they made on their website about the sale of Milgard Windows:
Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, has entered into a definitive agreement to sell Milgard Windows and Doors to MI Windows and Doors for approximately $725 million. The agreement contains customary representations, warranties and covenants. The closing of the sale is expected to occur during the fourth quarter of 2019, subject to customary closing conditions and regulatory review.
The deal will be complete by the end of the year if all goes to plan.
Whilst deals are being done in the US, the fenestration sector in the UK is going through its own wave of activity right now. Much is being said on social media about the health of group of national window and door installers, although nothing is confirmed officially from the companies in question, so I’ll be keeping an eye out for any news on that. In a move thinly veiled with sympathy, the remaining national companies have been quick to try and recruit staff from the commentated company. There has also been a steady hum of rumours about a variety of UK fenestration companies since the summer. Whether anything will come of this time will tell, but it still feels as though we’re entering into a period of volatility for the wider industry.
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