Taylor-based Masco Corp., a manufacturer of building products, today announced its board of directors has approved the previously declared spin-off of its installation service, called TopBuild. Masco will distribute 100 percent of the shares of common stock of TopBuild, which will then become an independent, publicly traded company.
“Last fall, we announced our plan to spin off TopBuild as part of our strategic initiatives to enhance shareholder value,” says Keith Allman, president and CEO of Masco. “Under the leadership of Jerry Volas as its CEO, I am confident that TopBuild is well positioned to operate as an independent public company.”
TopBuild will be comprised of Masco Contractor Services, an installation installer, and Service Partners, a distributor of residential insulation products. The combined businesses reported revenue of $1.5 billion in 2014.
Allman says TopBuild will have nearly 200 installation branches across the U.S., along with 70 distribution centers. The company will be headquartered in Daytona Beach, Fla.
The distribution of TopBuild shares is expected to be completed after the New York Stock Exchange market closes on June 30, with Masco stockholders receiving one share of TopBuild common stock for every nine shares of Masco common stock held at the close of business on June 19.