Masco Corp. announced yesterday it had acquired Erickson Construction Co. and Guy Evans Inc.
Erickson provides prefabricated wall panels and millwork.
Masco said the Erickson acquisition will allow it to manage the entire framing
process for the builder.
Guy Evans installs millwork, doors, windows and bath
hardware for residential builders and commercial contractors.
Both companies will join Masco Services Group, a provider of
installed products for North American homebuilders. Guy Evans will become part
of group subsidiary, Masco Contractor Services, which distributes and installs
20 different product categories to homebuilders across the country.
Financial terms were not disclosed, but a Masco press
release says the company expected combined annual sales of $200 million this
In other news, Masco reported yesterday a 30% drop in
first-quarter profits of $143 million down from $204 million a year earlier.
Sales fell 9% to $2.88 billion.
The company also cut its 2007 earnings forecast.
Citing higher commodity costs and lower residential construction, the company
now expects 2007 earnings of $1.50 to $1.70 a share. The previous estimate
ranged up to $1.80 per share.
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