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Masco Corporation (NYSE:MAS) shares are trading lower today. The company inked a deal to sell its Kichler Lighting business to an affiliate of Kingswood Capital Management for around $125 million.
Kichler Lighting offers decorative lighting products, ceiling fans, and LED systems for residential and light commercial use.
The transaction is expected to close by year-end, pending customary closing conditions and regulatory approvals.
Keith Allman, President and CEO, Masco Corporation said, “Under Masco’s ownership, Kichler has undergone a series of transformations which have generated efficiencies within its business, improved customer service, and enabled greater product innovation.”
“Going forward, we believe this business has greater potential to realize future growth as part of an organization with a more concerted focus on lighting.”
In July, Masco reported second-quarter adjusted EPS of $1.20, beating the $1.18 estimate, while sales of $2.091 billion missed the $2.103 billion estimate.
As of June 30, 2024, the company’s cash and equivalents stood at $398 million.
Investors can gain exposure to the stock via Honeytree U.S. Equity ETF (NASDAQ:BEEZ) and Brookstone Intermediate Bond ETF Brookstone Growth Stock ETF (BAMG).
Price Action: MAS shares are down 1.7% at $78.21 at the last check Tuesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
