Cambrian/Duraflex, Premier
Page 4
FACT SHEET
CAMBRIAN WINDOWS, LTD.
DURAFLEX, LTD.
AND
PREMIER MANUFACTURING, LTD.
United Kingdom
OVERVIEW
Masco has acquired three independent medium-sized United Kingdom-based companies, all of which participate in the vinyl window industry. The companies are Cambrian Windows, Duraflex and Premier Manufacturing.
In both the United Kingdom and North America, vinyl windows are the fastest growing segment in the window industry. Masco entered the European vinyl window industry in 2001 with the acquisition of Griffin Windows in the United Kingdom. In a highly fragmented industry, the additional acquisition of these three companies allows opportunity to leverage resources of Masco’s existing window companies, along with its England-based hardware supplier, Avocet. Together, these companies will create a
one-stop shop for United Kingdom-based homebuilders. Currently, vinyl windows account for approximately 65 percent of the $6.3 billion United Kingdom total window market. In addition, Masco owns Milgard, a leading North American manufacturer of vinyl windows.
CAMBRIAN WINDOWS, LTD.
Founded in the early 1990s, Cambrian Windows manufactures vinyl window frames.
SALES
Cambrian’s customers are small to mid-sized window fabricators in the United Kingdom. The company supplies these fabricators with finished window frames who insert the glass and install the windows.
OPERATIONS/MANAGEMENT
Headquartered in Pembroke, South Wales, in the United Kingdom, the company operates a 60,000 square-foot facility and employs 120 people in manufacturing, management and administration. The company’s executive management team includes:
· Peter Morgan, Managing Director, founded the company in 1992 and is responsible for the company’s overall strategic direction and growth.
· Michelle Morgan, Finance Director, joined the company at its inception and is responsible for all financial functions.
· Richard Iles, Sales Director, joined the company in 2000 after leaving Griffin Windows and is responsible for sales and marketing functions.
DURAFLEX, LTD.
Duraflex was founded as an extruder of window, door and conservatory (sun room) vinyl frame components. Today, the company is believed to be the third largest window frame extruder in the United Kingdom.
SALES
Duraflex supplies its extruded shapes to a broad array of customers including Griffin Windows and Cambrian Windows. Almost all of its extrusions are sold to window, conservatory and door fabricators who supply small, local retailers selling the products under private label.
OPERATIONS/MANAGEMENT
Headquartered in Cheltenham (near Birmingham), England, Duraflex operates in three facilities, with a total of 140,000 square feet of manufacturing, distribution, customer service and administration space. Duraflex employs 150 people in manufacturing, management and administration. The company’s executive management team includes:
· Chris Phillips, Managing Director, joined Duraflex in 1999 and is responsible for overall company development.
· Barry McCarthy, Director of Operations, joined the company in 1997 and oversees the company’s overall operations.
· Steve Osborne, Director of Finance, joined Duraflex in 2002 and is responsible for all accounting, financial reporting and controls.
· Dean Lossey, Director of Technical Services, joined Duraflex in 1996 and is responsible for all design and technical functions.
· Neil Roberts, Director of Marketing, joined Duraflex in 1994 and is responsible for all sales and marketing functions.
PREMIER MANUFACTURING, LTD.
Founded in 1992, Premier Manufacturing is a fabricator of vinyl window and door frames in the United Kingdom.
SALES
Premier’s core customer base includes numerous independent installers of windows and doors. The principal route to market is via eight distribution centers in the United Kingdom. Delivery is guaranteed within one week of order placement. The company also supplies the fast growing new construction window and door market.
OPERATIONS/MANAGEMENT
Headquartered in Caerphilly, South Wales, in the United Kingdom, the company operates a 60,000 square-foot facility and employs 91 people in manufacturing, management and administration. The company’s executive management team includes:
· Jacqueline Beynon, Managing Director, acquired Premier in 1998 and is responsible for overall strategic direction and growth.
· Gareth Thomas, Finance Director, joined the company in 1998 and is responsible for all financial functions.
· Paul Trotman, Sales Director, joined the company in 2001 and is responsible for all sales and marketing functions.
ACQUISITION TERMS
The purchase prices for Duraflex, Premier and Cambrian are consistent with Masco’s financial criteria for acquiring companies.