MasterBrand, Inc.

MasterBrand, Inc. successfully completed its all-stock merger with American Woodmark Corporation on May 28, 2026, creating the largest manufacturer of residential cabinets in North America. The transaction is expected to generate approximately $90 million in annual run-rate cost synergies by the end of year three and be accretive to adjusted diluted earnings per share in year two. American Woodmark shareholders received 5.150 shares of MasterBrand common stock for each American Woodmark share, and American Woodmark's common stock will be delisted from Nasdaq. MasterBrand also drew down a $375 million Term Loan A to repay American Woodmark's existing indebtedness.

MasterBrand, Inc. announced that the Federal Trade Commission has closed its investigation into the company's proposed merger with American Woodmark Corporation. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, clearing a significant regulatory hurdle. As a result, MasterBrand anticipates closing the transaction on or about May 28, 2026, subject to other customary closing conditions.

MasterBrand, Inc. reported a net loss of $(15.4)M for the first quarter of 2026, a significant downturn from a net income of $13.3M in the prior year period. Net sales declined by 6.4% to $618.0M, and the company recorded an operating loss of $(18.5)M. The company also amended its debt covenants and continues to progress with the American Woodmark merger, which is expected to close in the second calendar quarter of 2026.

MasterBrand, Inc. reported a challenging first quarter for 2026, with net sales decreasing 6.4% year-over-year to $618.0 million and a net loss of $(15.4) million. Adjusted EBITDA also saw a significant decline to $28.0 million, reflecting lower volume, unfavorable mix, inflation, and tariffs. The company provided a negative outlook for the second quarter, expecting further sales declines and elevated effective tax rates due to deal-related expenses, while reiterating its full-year market expectations and progress on cost reduction and tariff mitigation efforts. The pending merger with American Woodmark is anticipated to close in the second calendar quarter of 2026.

MasterBrand, Inc. announced that its Board of Directors will expand from eight to eleven members, effective upon the closing of the merger with American Woodmark Corporation. The board has appointed Andrew Cogan, Philip Fracassa, and Daniel Hendrix as the three new directors, fulfilling a provision of the merger agreement. These appointments are contingent on the merger's consummation, which is expected in the second calendar quarter of 2026.