MASONITE INTERNATIONAL CORP: restructuring charge — Masonite approves restructuring plan with $15-20M pre-tax costs, $15-20M annual savings

MASONITE INTERNATIONAL CORP

Pre-tax restructuring costs of $15M to $20M, ~65% cash, starting Q4 2022 through FY2023.
Actions cover North American Residential and Architectural segments to align with long-term strategy.
Expected annual cash savings of $15M to $20M after plan completion by end of FY2023.
Plan approved Dec 27, 2022; further details on Q4 2022 earnings call.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

MASONITE INTERNATIONAL CORP announced a restructuring with charges of $15.0 to $20.0 million affecting North American Residential and Architectural segments.

Type: restructuring
Charge: $15.0 to $20.0 million
Affected area: North American Residential and Architectural segments

Exact text from the filing

On December 27, 2022, Masonite International Corporation (the “Company”) approved a plan intended to (i) better align its organizational structure and its long-term business strategy and (ii) continue to drive cost efficiencies through an optimized manufacturing footprint. This plan includes commencing certain restructuring actions across the Company’s North American Residential and Architectural segments (the “2022 Restructuring Plan”). The Company expects to incur pre-tax restructuring and other closure costs of $15.0 to $20.0 million related to the 2022 Restructuring Plan beginning in the fourth quarter of 2022 and continuing through fiscal year 2023, of which approximately 65% will be cash expenditures.

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Source: SEC EDGAR

accession 0000893691-22-000057

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