TAMPA, FL -- Masonite International Corporation Monday announced it has signed a definitive agreement to acquire the door manufacturing operations of Masisa S.A. for approximately $12.5 million. The transaction includes the door component operations in Cabrero, Chile and a door assembly factory in Chillan, Chile. The operations to be acquired primarily manufacture high quality stile and rail panel and French wood doors for the North American market. The facilities employ approximately 300 people.
"The addition of this manufacturing capability to our existing stile and rail wood door offering in North America will help ensure that our customers have reliable access to the widest range of high quality, cost effective wood door products," stated Chris Virostek, Masonite's Senior Vice President of Corporate Development. "This transaction complements our existing residential wood door offering and provides an important additional platform of strategic growth for our company."
"We are pleased to enter into this transaction with Masonite and believe it is a very good fit for the customers, employees and suppliers of the door business," said Jaime Valenzuela, Masisa Andina General Manager.
The transaction is expected to close within the next 30 days, subject to customary closing conditions.