Aug 11 2010
Masonite Inc. (the “Company”) (OTCBB: MASWF) today announced the strategic acquisition of selected assets of a third leading door manufacturer in India - Standard Doors, located at Medchal, Hyderabad in the Andhra Pradesh province. Standard Doors is one of the newest, fully integrated and largest modern dedicated door manufacturing plants in India.
This third strategic transaction allows the Company to expand 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.
In July of this year, Masonite announced the acquisition of two other 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.
Larry Repar, Executive Vice President and Chief Operating Officer of Masonite, stated, “The addition of Standard Doors, together with the combination of the Feroke and Mahsim businesses and 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 adding a third location to facilitate the expansion of our business and further 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.”
Source: http://www.masonite.com/