MasterBrand, Inc. and American Woodmark Corporation announced the completion of their previously announced all-stock merger transaction. The combined company establishes the most comprehensive portfolio of cabinetry brands and products in North America.
A press release from MasterBrand reports the combined company will have an expanded operational footprint, which is expected to deliver greater overall choice, superior service, and enhanced value to customers and consumers across the full value chain. By uniting two organizations rooted in customer-oriented values and operational excellence, MasterBrand will build a stronger, more resilient enterprise well-positioned to advance innovation, drive sustainable growth, and deliver value for all stakeholders.
When the merger agreement was announced in 2025, the company reported a combined company with a pro forma equity value of $2.4 billion and an enterprise value of $3.6 billion.
The combined company is expected to unlock approximately $90 million of annual run-rate cost synergies by the end of year three and be accretive to adjusted diluted earnings per share in year two. These assumptions only reflect the operating environment as of the date of this press release, including the impact of those tariffs currently in effect, and do not reflect any future tariff increases or potential impacts on company costs or market demand.
“Today marks a transformative milestone for MasterBrand,” said Dave Banyard, president and CEO of MasterBrand. “The transaction brings together two industry leaders with complementary strengths, positioning us to deliver exceptional choice, quality, and service to our customers, while creating enhanced long-term value for shareholders. Our immediate focus turns to integration – bringing together our people, operations, and capabilities in a way that accelerates value creation for all stakeholders. We are excited to unite our talented teams as we embark on this next chapter of growth.”
Under the terms of the previously announced merger agreement, American Woodmark shareholders received a fixed exchange ratio of 5.150 shares of MasterBrand common stock for each share of American Woodmark common stock held immediately prior to the effective time of the merger. The pre-closing MasterBrand shares remain outstanding and currently represent approximately 63% of the combined company’s shares outstanding. The combined company will operate under the name MasterBrand, Inc. and its shares will continue to trade on the New York Stock Exchange under the symbol “MBC”. As a result of the completion of the merger, the common stock of American Woodmark will be delisted from the Nasdaq Stock Market.
Transaction details
As previously announced, Banyard will remain as president and CEO of MasterBrand.
MasterBrand was founded in 1954 as United Cabinet Incorporated in Celestine and later moved its operations and headquarters to Jasper, where it maintains a manufacturing presence today. In 2023, its headquarters moved to Beachwood, Ohio.