American Woodmark merging with MasterBrand

Two of the country’s largest cabinet manufacturers, MasterBrand and American Woodmark, are coming together in a deal valued at $2.4 billion. The all-stock transaction will create a combined operation of more than 20 manufacturing facilities and over 21,000 employees.

The new company will use the MasterBrand name and be headquartered in Beachwood, Ohio.

“Bringing together MasterBrand and American Woodmark will be a transformative step for both of our organizations that will even better position us to serve the evolving needs of our customers and provide consumers with more choice and access,” Dave Banyard, President and Chief Executive Officer of MasterBrand, said in a statement.

“MasterBrand and American Woodmark bring unique but complementary strengths — strong and broad portfolios and streamlined low-cost manufacturing profiles — and in leveraging them, the combination will help us accelerate our strategies and create enhanced value for both companies’ shareholders.”

“With MasterBrand, we are joining a partner that shares our commitment to investing for growth, investing in associates, and investing for the future” added Scott Culbreth, President and CEO of American Woodmark. “Together, we will create an even stronger company that is able to provide a broader product portfolio across expanded channels, advance our innovation capabilities, and create exciting opportunities for team members.”