Founding and early history
Initially organized in 1929 as Masco Screw Products Company by Alex Manoogian in Detroit, Michigan. The company went public on the Detroit Stock Exchange in 1936.
Masco Screw Products Company produced machined automotive parts for the Detroit automotive companies.[8] The company's first contract came in 1930 with the Hudson Motor Company valued at $7,000.00. In 1935, the company's sales reached $100,000. The following year Masco became a publicly traded company traded on the Detroit Stock Exchange. In 1942, Masco's sales exceeded $1,000,000.[3]
Masco Screw Products grew into the Masco Corporation, a large corporate holding company for numerous acquisitions. Small, family-run businesses were bought out by Masco Corporation with cash and stock in the parent corporation. Between 1997 and 2002, Richard Manoogian, who succeeded his father as chief executive, acquired 42 companies valued at a total of $10 billion.
Masco in the 1950s, 1960s and 1970s
In 1952, Manoogian began redesigning the single-handle washerless faucet.[3] The faucet he created was one of the first single-handle hot/cold faucets; it is now known as Delta. Delta's television advertisements were a first for any faucet, and made the product a successful seller. Masco went on to capture the mass market as sales moved from plumbing wholesalers to retail stores.[8] These steps of production and marketing of the Delta faucet began in 1954, and four years later Delta Faucet's annual sales exceeded a million dollars.[3] This was the last year that the company would be referred to as Masco Screw Products Company.
Alex Manoogian, founder, acted as president and chief operating officer (COO) from 1929 until 1967. In 1958 his son Richard joined the company. Richard, having spent nine years with the company, succeeded his father one year after the company moved to Taylor, Michigan. Alex died on July 10, 1996, the same year that his son Richard passed on his COO role to Ray Kennedy, allowing him to assume the position of chief executive officer. In response to Kennedy's death, Alan Barry was appointed as Masco's president and COO on April 8, 2003.[3]
Reorganizing in the 1980s and 1990s
In 1982 Masco's earnings did not grow for the first time in 26 years. The next year however, “In 1983, earnings climbed again for this maker of faucets and diverse product mix of builders’ hardware, because of increased housing starts and a strong do-it-yourself market.”[9]
In 1985, Masco purchased the remaining outstanding stock of Flint & Walling, Inc (after purchasing 30% in 1971 and controlling interest in 1978).
In 1986, Masco started a home furnishings division by buying Henredon for $298 million and Drexel Heritage for $356 million. Other companies added to the division were Lexington Home Brands, Hickorycraft, Marge Carson, La Barge and Marbro in 1987, and fabric company Robert Allen/Ametex in 1988. In 1989, Universal Furniture, BenchCraft and Cal-Style were added in a $480 million deal, as well as Sunbury Textiles. The division added Berkline in 1994 and sold Marge Carson and Cal-Style in 1995.
Masco reorganized its numerous companies; in 1988, the specialty products divisions of Masco Industries and Masco Corporation combined to form TriMas Corporation. Three years after this merger, TriMas was listed on the New York Stock Exchange (NYSE). The remainder of Masco Industries became Masco Tech Inc. and in 1993 was listed on the NYSE. At that point in time three different Masco Companies existed: Masco Corp., Masco Tech., and TriMas Corp.
Two years later, Masco entered the services business. TriMas and Masco Tech merged to form one company offering a wide array of products. Masco announced a 2 for 1 stock split, which was the ninth time the company had split its shares since 1960 and was the 40th year in a row that its dividends were increased.
1999–2019
In 1999, Masco Corp acquired Arrow Fastener Co., Inc., a hand tool company expanding its business in the hardware category.
In 2000, Heartland Industrial Partners, a private equity firm, purchased Masco Tech and changed its name to Metaldyne. Metaldyne is headquartered in Plymouth, Michigan. Masco also divested Flint & Walling, Inc in 2000 to Zoeller Company.
In 2001, Masco Corp., or simply Masco, entered the windows business and had operating profits beyond a billion dollars.[3] Late in the year, Masco announced it would write down the value of its stake in LifeStyle Furnishings International by $460 million, since its equity share was only 15 percent, with the rest being debt. LifeStyle, the third largest furniture maker in the United States with $2 billion in sales, had sold Universal Furniture to Lacquer Craft.[10] Then Masco announced Furniture Brands International would buy Drexel Heritage, Henredon and Maitland-Smith for $275 million, with management of Berkline, BenchCraft and Sunbury taking over those companies. LifeStyle continued to own Lexington, Robert Allen/Ametex and the Beacon Hill showrooms.[11]
2020–present
Masco acquired Steamist Co., Inc., a steam bath manufacturer in East Rutherford, New Jersey, in July 2021. The business was placed under Masco's Delta brand.[21] Two years later, Masco acquired Sauna360 Group Oy, a Finnish sauna manufacturer, for approximately €124 million. The deal brought the Tylö, Helo, Kastor, Finnleo and Amerec brands under Masco's Watkins Wellness subsidiary.[22][23]
Masco sold Kichler Lighting, a decorative lighting and ceiling fan company in Solon, Ohio, to Kingswood Capital Management in September 2024 for approximately $125 million. Masco had paid $550 million for the business in 2018.[24][25]Kingswood merged Kichler with its Progress Lighting business.
