Masco
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|
| Public | |
| Traded as | : MAS S&P 500 Component |
| Founded | 1929 |
| Founder | Alex Manoogian |
| Headquarters | Taylor, Michigan, U.S. |
|
Key people
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Richard Manoogian (Chairman Emeritus) Keith J. Allman (President and Chief Executive Officer) |
|
Number of employees
|
32,500 |
| Website | http://www.masco.com/ |
Masco Corporation is a manufacturer of products for the home improvement and new home construction markets. Comprising more than 20 companies, the Masco conglomerate operates nearly 60 manufacturing facilities in the United States and over 20 in other parts of the world. Since 1969 it trades on the NYSE. Under the leadership of Richard Manoogian, the company grew exponentially and subsequently joined the Fortune 500 list of largest U.S. corporations.
As of 2007, Masco employed approximately 32,500 employees and has approximately 6,000 shareholders. The company is currently ranked at 338 on the Fortune 500. As of December 31, 2007, Masco had a little over ten billion dollars in assets, and the company’s total revenue was $11.77 billion. Total sales for the company in 2009 were 7.8 billion. In 2010, the company had worldwide sales of $7.6 billion and approximately 90 manufacturing facilities. The current CEO is Keith J. Allman.
Initially organized in 1929 as Masco Screw Products Company by Alex Manoogian in Taylor, Michigan. The company went public on the Detroit Stock Exchange in 1936.
Masco Screw Products Company produced machined automotive parts for the Detroit automotive companies. The company’s first contract came in 1930 with the Hudson Motor Company valued at $7,000.00. In 1935, the company's sales reached $100,000 dollars. The following year Masco became a publicly traded company traded on the Detroit Stock Exchange. In 1942, Masco’s sales exceeded $1,000,000 dollars.
Masco Screw Products grew into the Masco Corporation, a large corporate holding company for numerous acquisitions. Small, family-run businesses were bought out by Masco Corporation with cash and stock in the parent corporation. Between 1997 and 2002, Richard Manoogian, who succeeded his father as chief executive, acquired 42 companies valued at a total of $10 billion.
Alex Manoogian and his wife donated the Manoogian Mansion to the City of Detroit as the official residence of the mayor.
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Wikipedia