Masco snaps up Kichler, Mercury Plastics
Kichler Lighting and Mercury Plastics have been bought by Livonia, Michigan-based Masco Corp.
The Kichler deal is part of a planned expansion of Masco’s reach into the fragmented $6 billion U.S. residential lighting industry , says Masco President and CEO Keith Allman. Kichler, which has been owned by the Minoff family since 1954, is a developer of decorative residential and light commercial lighting products, ceiling fans and LED lighting systems.
Mercury Plastics, which has been owned by CEO Bill Rowley since 1998, manufactures water handling systems for appliance and faucet applications, as well as other highly engineered plumbing products, tubing and assemblies.
Allman expects both acquisitions to be accretive to 2018 earnings for the publicly held Masco (NYSE: MAS).
We plan to take a deeper look at these transaction in an upcoming story.
Kichler Lighting, based in Independence, has about 700 employees with 2017 revenue of $450 million. Mercury Plastics, based in Middlefield, has about 400 employees. It did about $45 million in revenue last year.