Masco signs agreement to acquire Kichler Lighting; terms not disclosed
Masco Corporation announced the signing of a definitive agreement to acquire The L.D. Kichler Co., a developer of decorative residential and light commercial lighting products, ceiling fans and LED lighting systems across both consumer and professional distribution channels. Based in Cleveland, Ohio, Kichler Lighting had revenues of approximately $450 million in 2017 and employs approximately 700 people worldwide. The transaction is expected to close in the first quarter of 2018, subject to customary closing conditions and regulatory review, and will be funded with cash on hand. Masco intends to report the financial results of Kichler Lighting in its Decorative Architectural Products segment. Additionally, Masco announced that it acquired Mercury Plastics, Inc. in the fourth quarter of 2017. Mercury is a plastics processor and manufacturer of water handling systems for appliance and faucet applications, as well as other highly engineered plumbing products, tubing, and assemblies. Based in Middlefield, Ohio, Mercury had revenues of approximately $45 million in 2017 and employs approximately 300 people. Masco intends to report the financial results of Mercury in its Plumbing Products segment.