TAYLOR, Mich.--(BUSINESS WIRE)--
Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers
of branded building products, today announced that it successfully
completed the spin-off of TopBuild Corp. (NYSE: BLD) after Market close
on June 30, 2015. The spin-off was achieved through the distribution to
Masco shareholders of one share of TopBuild common stock for every nine
shares of Masco Corporation stock held at the close of business on the
record date of June 19, 2015. Masco received an opinion from
its special tax counsel, Davis Polk & Wardwell LLP, confirming the
tax-free status of the spin-off to Masco and its stockholders (except to
the extent of cash received in lieu of fractional shares). Beginning
today, BLD shares will commence "regular-way" trading on the New York
Stock Exchange.
“We are excited to announce the completion of the spin-off of TopBuild,”
stated Keith Allman, Masco President and Chief Executive Officer. “I
have every confidence that under Jerry Volas’ leadership as Chief
Executive Officer, TopBuild is well positioned for continued growth as
an independent, public company. At Masco, we remain focused on driving
shareholder value through the profitable growth of our branded building
products.”
About Masco
Headquartered in Taylor, Mich., Masco Corporation is a global leader in
the design, manufacture and distribution of branded building products.
Our portfolio of industry-leading brands includes Behr® paint; Delta®
and Hansgrohe® faucets, bath and shower fixtures; KraftMaid® and
Merillat® cabinets; Milgard® windows and doors; and HotSpring® spas. We
leverage our powerful brands across product categories, sales channels
and geographies to create value for our customers and shareholders. For
more information about Masco Corporation, visit masco.com.
Safe Harbor Statement
Statements contained in this press release that reflect our views about
our future performance constitute “forward-looking statements” under the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as “believe,” “anticipate,”
“appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,”
“expect,” “assume,” “seek,” “forecast,” and similar references to future
periods. Our views about future performance involve risks and
uncertainties that are difficult to predict and, accordingly, our actual
results may differ materially from the results discussed in our
forward-looking statements. We caution you against relying on any of
these forward-looking statements. Our future performance may be affected
by our reliance on new home construction and home improvement, our
reliance on key customers, the cost and availability of raw materials,
uncertainty in the international economy, shifts in consumer preferences
and purchasing practices, our ability to improve our underperforming
businesses, and our ability to maintain our competitive position in our
industries. We discuss many of the risks we face in Item 1A, “Risk
Factors” in our most recent Annual Report on Form 10-K, as well as in
our Quarterly Reports on Form 10-Q and in other filings we make with the
Securities and Exchange Commission. The forward-looking statements in
this press release speak only as of the date of this press release.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict all
of them. Unless required by law, we undertake no obligation to update
publicly any forward-looking statements as a result of new information,
future events or otherwise.
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Source: Masco Corporation