Masonite to Lose Some Retail Business
Masonite International Corp. reports it was recently notified by its second largest retail customer that it will reduce its interior door business with the manufacturer, primarily in the Northeastern and Southwestern United States, starting early in 2013. The affected business, which consists principally of molded doors, is expected to amount to approximately $70 million dollars of sales on an annualized basis.
"Although we are clearly disappointed with this decision, we remain committed to our balanced growth strategy which focuses on providing customers with a broad range of high quality doors and a value added service proposition," says Fred Lynch, Masonite president and CEO. "We continue to actively pursue additional opportunities to accelerate growth with new and existing customers and will quickly take the appropriate actions to balance supply and demand in the affected regions."