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Schrock Cabinet Co.

The highly fragmented cabinet industry solidified somewhat over the last year and a half as four of the country's largest cabinet companies were bought by companies looking to increase market share or enter the booming cabinet market. The headline-making acquisitions include:

* Industry leader Masco increased its market share lead, and topped $1 billion in cabinet sales, with the July 1997 acquisition of Texwood Ind. of Duncanville, TX. Texwood recorded approximately $150 million in sales in 1997. Masco now controls about 15% of the estimated $6.5 billion U.S. cabinet market.

* Fortune Brands, a conglomerate whose portfolio includes Aristokraft Cabinets, bought Schrock Cabinet Co. of Hilliard, OH, for $107.5 million. The June 1998 acquisition of the countries fifth largest cabinet company nearly doubled Fortune Brands' cabinet sales.

* Armstrong World Industries, the world's largest flooring manufacturer, entered the cabinet business in 1998 with its $1.15 billion acquisition of Triangle Pacific of Duncanville, TX. Armstrong purchased the company primarily for its hardwood flooring division, but as part of the package, Armstrong acquired Triangle-Pacific's Bruce and IXL cabinet companies, which had combined 1997 sales of $183.2 million and ranked as the sixth largest cabinet producer in the country.

* Pfingsten Partners, a Deerfield, IL-based private equity firm, entered the cabinet market with the purchase of Norcraft Industries of St. Paul, MN. Norcraft had 1997 sales of more than $84 million.

Excerpted from Wood & Wood Products, November 1998
COPYRIGHT 1999 Vance Publishing Corp.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Wood & Wood Products
Geographic Code:1USA
Date:Dec 1, 1999
Words:236
Previous Article:Masco Corp.
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