Masco Announces Post-Spinoff Name for its Services Business: TopBuild Corp.
March 19, 2015
Masco Corporation (NYSE: MAS) announced today that the new independent publicly-traded company that will be separated from Masco upon completion of the spin-off of Masco’s Installation and Other Services businesses will be named TopBuild Corp. and will be listed on the New York Stock Exchange under the ticker symbol BLD.
TopBuild will be comprised of the Masco Contractor Services (MCS) business, a leading installer of insulation in the U.S., and Service Partners, a leading distributor of residential insulation products and related accessories in the U.S. These combined businesses reported revenue of $1.5 billion in 2014 and achieved a compounded annual revenue growth rate of nearly 11 percent since 2010. TopBuild will have over 190 installation branch locations and over 70 distribution centers across the U.S. and will be headquartered in Central Florida.
“We are excited about our new name and identity, which reflect our commitment to deliver the highest quality installation services and products and demonstrate our team’s commitment to enhancing our strong relationships with our customers and suppliers, which include many of the nation’s leading manufacturers of building products,” said Jerry Volas, incoming CEO of TopBuild. “The TopBuild name communicates our position in the industry, our best-in-class people, service and performance, and our focus on our three lines of business: residential construction, commercial construction and repair/remodel. We believe TopBuild’s focus and growth strategies will enable us to create shareholder value.”
In addition, upon completion of the spin-off, the MCS business will operate as TruTeam, reflecting its unique advantage of teaming its trusted local relationships and field professionals with national resources and experience. Service Partners will continue to serve customers under its current name.
The spin-off, which was previously announced in September of 2014, is expected to be complete in mid-2015. Upon completion, TopBuild’s management team will include: Jerry Volas, Chief Executive Officer; Robert Buck, President and Chief Operating Officer; and John Peterson, Chief Financial Officer.
Upon the spin-off’s completion, the new company’s website will be www.topbuild.com.