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Owens Corning to Purchase Tampa-based Masonite Worldwide for $3.9 Billion

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Owens Corning stated on Friday it can purchase door maker Masonite Worldwide for $3.9 billion in an all-cash deal, because it seems to be to beef up its home-building portfolio and broaden its attain.

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Owens will purchase all excellent shares of Masonite for $133 per share, which is an almost 38.3% premium to Masonite’s final closing worth. Shares of Masonite surged 34.2% earlier than the bell.

“Masonite is a market chief that enhances our present residential inside and exterior product providing,” Brian Chambers, CEO of Owens Corning, stated.

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Masonite operates 64 manufacturing and distribution services, primarily in North America, whereas Toledo, Ohio-based Owens Corning operates in 31 international locations.

The deal is predicted to shut in mid-2024. After the deal, Masonite will function as a reportable section, whereas sustaining its model and holding a presence in Tampa, Florida.

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Masonite and peer PGT Improvements had reached a $3 billion deal in December, which later PGT ditched to accept a higher offer from Miter Manufacturers.

Morgan Stanley is the lead monetary advisor to Owens Corning and Goldman Sachs suggested Masonite.

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