Masonite to Shut Down Ohio Plant
Citing its largest customer reducing its order volume by about 50 percent, Masonite will close its Toledo, OH, fabrication plant by the end of May. About 70 people will be unemployed as a result of the closure, a local television station reports.
As part of its fourth quarter report, the company says it was informed that its largest customer is peeling back its orders due to price increases implemented by Masonite during 2006. “Although we are disappointed with this decision, it is essential that we ground Masonite on a solid foundation of selling our door products at prices that provide us with appropriate returns for the value we provide,” says Kenneth Freeman, chairman and CEO. “We are actively pursuing opportunities to accelerate growth with existing and new customers, and we are evaluating selective adjustments in capacity as we strive to balance supply and anticipated demand.”