Masco Corporation (NYSE: MAS), Livonia, Michigan, maker of KraftMaid® and Merillat® cabinets, said Friday it has entered into a definitive agreement to sell Masco Cabinetry to ACProducts, Inc., a manufacturer of cabinetry products owned by American Industrial Partners, for $1.0 billion, consisting of $850 million in cash at closing and preferred stock issued by a holding company of the buyer with a liquidation preference of $150 million.
The closing of the sale is expected to occur during the first quarter of 2020, subject to customary closing conditions and regulatory review.
Masco Cabinetry will be accounted for as discontinued operations for the fourth quarter and full year 2019.
