Masco sells heating group for $155 million
Masco has sold its European Heating Group for $155 million to an affiliate of Belgium-based Vaessen Industries.
The Heating Group has been included in the multichannel manufacturer’s discontinued operations for the first quarter of 2008. The group includes Vasco, a manufacturer of designer radiators; Brugman International and Superia Radiatoren, both leading manufacturers of steel panel radiators in Europe. Combined 2007 net sales from Masco’s Heating Group totaled $177 million.
"We believe this transaction ... will enable Masco to concentrate on businesses that are core to our growth strategies and should provide the Heating Group with additional growth opportunities," said Tim Wadhams, Masco president and CEO.
Based in Taylor, Mich., Masco’s brands include Delta Faucet, KraftMaid cabinets and Behr paints.