Masco Corporation: Company History

Pages: 15 (5285 words) Published: September 22, 2010
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Masco Corporation

21001 Van Born Road
Taylor, Michigan 48180

Telephone: (313) 274-7400
Fax: (313) 374-6135

Public Company
Incorporated: 1929 as Masco Screw Products Company
Employees: 42,500
Sales: $6.3 billion (1999)
Stock Exchanges: New York
Ticker Symbol: MAS
NAIC: 33711 Wood Kitchen Cabinet and Countertop Manufacturing; 326199 All Other Plastics Product Manufacturing; 33251 Hardware Manufacturing; 332913 Plumbing Fixture Fitting and Trim Manufacturing

Company Perspectives:

By leveraging on our collective strengths, by more effectively combining entrepreneurship and professional management, and by combining our historically successful sales and marketing programs with new cost-reduction, technology, logistics and other initiatives, we are determined to regain our image as a premier growth company with operating returns unmatched in our industry. By building a new Masco on the best of the old, it is our intent to once again achieve a record of performance that should result in the restoration of the premium common share valuation that we enjoyed for many years. We are confident that our strategies are sound, that our people throughout the organization are committed to enhancing shareholder value, and that we have the broadest offering of quality leadership products available in the markets that we serve.

Key Dates:

1920: Alex Manoogian immigrates to the United States.
1929: Masco Screw Products Company is formed.
1937: Masco begins selling shares on the Detroit Stock Exchange. 1954: Masco launches the Delta Faucet.
1961: Masco acquires Peerless Industries, Inc.
1968: Richard Manoogian becomes company president.
1984: Masco Industries Inc. is formed.
1993: Masco Industries becomes MascoTech Inc.
1996: Masco sells furniture unit to Furnishings International, Inc. 2000: Masco sells remaining interest in MascoTech to Heartland Industrial.

Company History:
Masco Corporation is the world's largest faucet manufacturer as well as the leading U.S. cabinet manufacturer. The company manufactures hundreds of building specialty and home improvement products, including kitchen appliances, whirlpools and spas, bath and shower tubs and enclosures, residential and commercial locks and hardware, venting systems and ventilating products, electrical outlet boxes, and water pumps. Masco Corporation's best-known product is the single-handled Delta faucet, developed and promoted in the 1950s by the company's founder, Alex Manoogian. Masco's 20 lines and 250 styles of cabinets include stock, semi-custom, and custom cabinetry for the replacement/remodeling and new construction markets. Origins as a Screw Machine Business in 1929

In 1920 Alex Manoogian, at the age of 19, immigrated to the United States from Smyrna, Turkey, fleeing political persecution and danger that threatened him as a Christian Armenian in Moslem Turkey. After holding several odd jobs in Bridgeport, Connecticut, including brief employment in a screw machine business, Manoogian came in 1924 to Detroit, Michigan, where he worked in a screw machine business and learned about metalworking for automobile components. In 1929, six weeks after the stock market crash, he founded Masco Screw Products Company with two partners, Harry Adjemian and Charles Saunders, who left during the first year. They began with a few thousand dollars, several used screw machines, and a truck--less than $33,000 in assets. 'Masco' was derived from the first letters of the partners' last names plus 'co' for company. The automobile industry was still young and largely untested, and Masco's initial years were difficult. Hudson Motor Car Company was the first customer, with a $7,000 contract, but Masco could not yet afford to pay salaries. Manoogian was sales manager, estimator, foreman, press operator, and repairman. The first plant was located on the fifth floor of an...
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