MasterBrand Announces Additional $50 Million Share Repurchase Authorization
BEACHWOOD, Ohio–(BUSINESS WIRE)–
MasterBrand, Inc. (NYSE: MBC, the “Company,” or “MasterBrand”), the largest residential cabinet manufacturer in North America, today announced that its Board of Directors has authorized a share repurchase program to buy back up to $50 million of the Company’s outstanding common stock until March 13, 2028. This is in addition to the existing share repurchase authorization approved in April 2023, under which approximately $21 million remained available for repurchases as of December 29, 2024, and is set to expire on April 23, 2025.
Under the new authorization, the Company may repurchase shares through a variety of methods, including open market transactions and privately negotiated transactions, in compliance with Rule 10b5-1 and Rule 10b-18, as applicable, of the Securities Exchange Act of 1934 and other applicable laws and regulations. The repurchase program may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of its common stock. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion and will depend on a variety of factors, including business, economic and market conditions, prevailing stock prices, corporate and regulatory requirements and other considerations.
“Our Board of Directors and management believe that MasterBrand’s shares represent an attractive investment opportunity. We believe our ability to continue to generate strong cash flows will enable us to strengthen our balance sheet, while investing in the business and repurchasing shares at a compelling valuation,” said Dave Banyard, President and Chief Executive Officer.
About MasterBrand:
MasterBrand, Inc. (NYSE: MBC) is the largest manufacturer of residential cabinets in North America and offers a comprehensive portfolio of leading residential cabinetry products for the kitchen, bathroom and other parts of the home. MasterBrand products are available in a wide variety of designs, finishes and styles and span the most attractive categories of the cabinets market: stock, semi-custom and premium cabinetry. These products are delivered through an industry-leading distribution network of over 7,700 dealers, major retailers and builders. MasterBrand employs over 13,000 associates across more than 20 manufacturing facilities and offices. Additional information can be found at www.masterbrand.com.
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KEYWORDS: United States North America Ohio
INDUSTRY KEYWORDS: Interior Design Architecture Other Construction & Property Residential Building & Real Estate Manufacturing Construction & Property Other Manufacturing
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