The parent of MasterBrand Cabinets says it will spin off its cabinetry operations as a separate, publicly traded business, MasterBrand, Inc., by the end of 2022. MasterBrand is the largest U.S. kitchen cabinet maker, with $2.9 billion in revenue last year.
Announced in April 2022 and originally expected to close in April 2023, the separation of MasterBrand’s cabinet business from Fortune’s plumbing, locks, doors, and other home building and remodeling businesses has been proceeding ahead of schedule, the company says, and will close by the end of this year.
“The upcoming separation marks a new beginning for our company, enabling an increased focus on brands, innovation and channel leadership, and accelerated growth and productivity,” says Fortune Brands CEO Nicholas Fink. Previously Fink headed MasterBrand Cabinets at Fortune Brands, and was succeeded by Dave Banyard.
Fortune Brands Home & Security began trading on the New York Stock Exchange after separating from its parent, Fortune Brands, Inc., in 2011.
MasterBrand Cabinets traces its roots to United Cabinet Corp., founded in 1954 in Celestine, IN. Its Aristokraft line helped define modern-day, built-in cabinetry following the post-war boom of the 1950’s. MasterBrand was formed in 1998 by American Brands, which acquired Aristokraft, Decorá, Diamond, Kemper and Schrock cabinet companies. In 2002, Omega, Homecrest, and Kitchen Craft cabinets were acquired, and in 2013, Woodcrafters became part of MasterBrand.
In 2015, MasterBrand acquired Norcraft Companies, Inc., manufacturer of the Mid Continent, UltraCraft, Starmark and Fieldstone brands.
After the spin-off, Banyard will be CEO of the independent MasterBrand Cabinets, Inc., a publicly traded sibling to its former parent, which will be renamed Fortune Brands Innovations, Inc. It’s an auspicious time for the separation. During the third quarter ended September 30, MasterBrand cabinet sales increased 20 percent, driven by price increases, and operating profit margins reached 13.8 percent.
International Woodworking Fair
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