About Masonite International

Masonite International Corporation (Masonite) operates as a global designer, manufacturer, marketer and distributor of interior and exterior doors and door systems for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets. The company holds primary market position in the seven product categories it targets in North America: interior molded residential doors; interior stile and rail residential doors; exterior fiberglass residential doors; exterior steel residential doors; interior architectural wood doors; wood veneers; and door core. The company operates 59 manufacturing and distribution facilities in seven countries in North America, Europe, South America and Asia, which are strategically located to serve the company’s customers. The company is committed to delivering growth for its customers, partners, shareholders and employees through the company’s Doors That Do More strategy, which has three pillars: drive product leadership, win the sale, and deliver reliable supply. Drive product leadership emphasizes offering innovative door solutions that address human needs for comfort, safety, convenience and style. Win the Sale focuses on making Masonite the brand that customers never substitute by providing a better door-buying experience. Deliver Reliable Supply is the company’s commitment to consistently deliver high-quality products and services for the company’s customers and partners. In addition, the company has implemented a disciplined acquisition strategy that solidified its presence in the markets the company serves. In 2022, the company announced its intent to acquire Endura Products, a leading innovator and manufacturer of high-performance door frames and door system components. Endura holds more than 100 patents on its door system components. This acquisition accelerates the company’s Doors That Do More strategy by unlocking the value of fully integrated door solutions. Segments The company operates through three reportable segments: North American Residential, Europe, and Architectural. North American Residential The company’s North American Residential segment is its largest segment, focused on providing high-quality interior doors from wood and recycled wood fibers and energy-efficient, durable exterior doors in a wide array of designs, materials and sizes. As of January 1, 2023, the residential repair, renovation and remodeling end market accounted for over half of the net sales for the segment. Europe The company’s Europe segment is a leading provider of interior doors from recycled wood fibers and energy-efficient, durable exterior doors to the United Kingdom market. The company also sells door skins (facings) into Western Europe from the company’s manufacturing facility in Ireland. The company’s European segment has a balanced portfolio of consumers across its exterior and interior residential business. Architectural The company’s Architectural segment provides highly specified products that are designed, constructed and tested in accordance with regulatory compliance and environmental certifications, such as Forest Stewardship Council and LEED certifications. For example, the Aspiro series offers high-end aesthetic and performance qualities, and its doors are available in exotic and domestic veneers, with acoustic, fire-rated, lead-lined and attack-resistant options and include lifetime warranties. In the year ended January 1, 2023, the company sold approximately 31 million doors to approximately 6,500 customers globally. Products The company’s door solutions address the dynamic nature of compliance, technical specifications and developing market needs. The company sells an extensive range of interior and exterior doors in a wide array of designs, materials and sizes. The company’s interior doors are made with wood and related materials, such as hardboard (including wood composite molded and flat door facings). The company’s exterior doors are made primarily of steel, fiberglass or composite materials. Masonite’s M-Pwr Smart Doors are the first residential exterior doors to integrate power, lights, a video doorbell and smart lock into the door system. They employ patent-pending, Underwriters Laboratories (‘UL’) certified technology to connect residential front doors to a home’s electrical system and wireless internet network. The Masonite Performance Door System features the company’s industry-leading 4-Point Performance Seal, which includes Premium Square Edge Fiberglass Doors, Endura Products’ Z-Articulating Cap Sill, PE650 Weatherstripping, Simple Solution Corner Pads and FrameSaver rot-proof door frame. Residential Doors Interior Doors The company’s molded panel product line is subdivided into several distinct product groups: the company’s Classic Molded Panel series is a combination of classic styling, period and architectural style-specific designs, durable construction and a variety of profiles preferred by the company’s customers when price sensitivity is a critical component in the product selection; the West End Collection strengthens the company’s tradition of design innovation by introducing the clean and simple aesthetics found in modern linear designs to the molded panel interior door category; the Heritage Series, which features recessed, flat panels and sharp, Shaker-style profiles, which speak to a clean, modern aesthetic while retaining comfortable familiarity found in today’s interiors; and the Livingston door, which features versatile and timeless design for any style of home. The company’s doors can be upgraded to its environmentally friendly Emerald door construction which enables homeowners, builders and architects to meet specific product requirements and ‘green’ specifications to attain Leadership in Energy and Environmental Design (‘LEED’) certification. The company’s flush doors range from base residential flush doors consisting of unfinished composite wood to the ultra high-end exotic wood veneer doors. Exterior Doors In the United Kingdom, Door-Stop branded fiberglass doors are manufactured into pre-hung door sets and shipped to the company’s customers with industry-leading lead times. The company’s Solidor exterior doors are composite doors that provide the appearance of timber, but with the benefits of modern, low maintenance materials. A solid timber core is complemented by a variety of innovative design and color choices that has led Solidor to become one of the United Kingdom's most recognized manufacturers and suppliers of composite doors. With the company’s functional Utility Steel series, the design centric High Definition family and the pre-finished Sta-Tru HD, the company offers customers the freedom to select the right combination of design, protection and compliance required for essentially any paint grade exterior door application. In addition, the company’s product offering is significantly increased through its variety of compatible clear or decorative glass designs. Within the company’s stile and rail line, glass panels can be inserted to create what is commonly referred to as a French door and the company offers a number of glass designs for use in this purpose. Where horizontal slats are inserted between the stiles and rails, the resulting door is referred to as a louver door. For interior purposes, stile and rail doors are primarily used for hallways, room dividers, closets and bathrooms. For exterior purposes, stile and rail doors are used as entry doors often, including decorative glass inserts. Architectural Doors The company’s architectural portfolio is represented by two series, Aspiro and Cendura, which are consisted of stile and rail, flush wood veneer, painted and laminate doors. The Aspiro series offers premium and custom aesthetic options along with high performance options in acoustic, fire-rated, lead-lined, attack- and bullet-resistance and sustainability. The Cendura series provides a balance of performance and value and is available with the company’s standard aesthetic options with acoustic and fire-rated options. The company’s portfolio allows the company to provide a wide range of solutions to cover the varied needs of commercial and institutional end markets. Components In addition to residential and architectural doors, the company sells several door components to the building materials industry. Within the residential new construction market, the company provides interior door facings, agri-fiber and particleboard door cores, MDF and wood cut stock components to multiple manufacturers. Within the architectural building construction market, the company is a leading component supplier of various critical door components. Additionally, the company is one of the leading providers of mineral and particleboard door cores to the North American architectural door industry. Sales and Marketing The company markets and sells its products to remodeling contractors, builders, homeowners, retailers, dealers, lumberyards, commercial and general contractors and architects through well-established wholesale, retail and direct distribution channels as part of the company’s cross-merchandising strategy. The company’s portfolio of brands includes Masonite, Premdor, Solidor, Residor, Nicedor, Door-Stop International, Harring Doors, National Hickman, Masonite Architectural, Graham-Maiman, Baillargeon, USA Wood Door, Florida Made Door, Louisiana Millwork, and BWI Distribution. These are among the most recognized brands in the door industry and are respected for the innovation, quality and value they provide. In the residential market, the company utilizes an ‘All Products’ merchandising strategy, which provides the company’s retail and wholesale customers access to its entire product range and the ability to leverage the company’s branding, marketing and selling strategies. The company services its big box retail customers directly from the company’s own door fabrication facilities, which provide value added services and logistics, including store direct delivery of doors and entry systems and a full complement of in-store merchandising, displays and field service. The company’s residential wholesale sales professionals focus on down channel initiatives designed to ensure the company’s products are ‘pulled’ through its North American wholesale distribution network. The company’s North American architectural customers are serviced by a dedicated sales and marketing team providing architects, door and hardware distributors, general contractors and project owners a wide range of product application advice, technical specifications, and applicable compliance and regulatory certifications. Service Innovation The company’s proprietary web-based tools provide its channel customers with direct access to a wide range of information and materials to make it easier for them to sell the company’s products. Within the company’s North American Residential business, these tools include Mconnect, an online service portal providing the company’s customers access to several other e-commerce tools designed to enhance the manufacturer-customer relationship. Once connected to the company’s system, customers have secure access to Masonite products; the Product Corner, a section advising customers of the features and benefits of the company’s newest products; the Media Library, a comprehensive supply of marketing materials and self-service resources; and Order Tracker, which allows customers to follow their purchase orders through the production process and confirm delivery dates. The company’s Solidor and Door-Stop International websites are fully functional configuration and order platforms that support the company’s entry door customers in the United Kingdom. In the company’s Architectural business, its cloud-based door configurator, DoorBuilder Live, enables customers to select and order the right door easily and intuitively. Additionally, the company’s DoorUniversity training program helps architects select solutions to meet their project and client goals while earning American Institute of Architect continuing education units. Intellectual Property In North America, the company’s doors are marketed primarily under the Masonite brand. Other North American brands include Premdor, Masonite Architectural, Barrington, Oakcraft, Sta-Tru HD, Vistagrande, Flagstaff, Hollister, Sierra, Fast-Frame, Safe ’N Sound, Livingston, AquaSeal, Cheyenne, Riverside, Fast-Fit, Megantic, Lemieux Doors, Harring Doors, FyreWerks and Marshfield-Algoma. In Europe, doors are marketed under the Masonite, Premdor, Premdor Speed Set, Door-Stop International, National Hickman, Defining Spaces, Solidor, Residor and Nicedor brands. The company protects the intellectual property that it develops through, among other things, filing for patents in the United States and various foreign countries. In the United States, the company has 297 design patents and design patent applications and 126 utility patents and patent applications. The company has 201 foreign design patents and patent applications and 187 foreign utility patents and patent applications. The company’s United States utility patents are generally applicable for 20 years from the earliest filing date, the company’s United States design patents for 15 years and the company’s United States registered trademarks and tradenames are generally applicable for 10 years and are renewable. Distribution Residential doors are primarily sold through wholesale and retail distribution channels. Wholesale: In the wholesale channel, door manufacturers sell their products to homebuilders, contractors, lumberyards, dealers and building products retailers in two steps or one step. Two-step distributors typically purchase doors from manufacturers in bulk and customize them by installing windows, or ‘lites’, and pre-hanging them. One-step distributors sell doors directly to homebuilders and remodeling contractors who install the doors. Retail: The retail channel generally targets consumers and smaller remodeling contractors who purchase doors through retail home centers, both in store and online, and smaller specialty retailers. Retail home centers offer large, warehouse size retail space with large selections, while specialty retailers are niche players that focus on certain styles and types of doors. Architectural doors are primarily sold through specialized one-step wholesale distribution channels where distributors sell to general contractors and end-use clients. Customers During the year ended January 1, 2023, the company sold its products worldwide to approximately 6,500 customers. The company has developed strong relationships with these customers through the company’s ‘All Products’ cross merchandising strategy. The company’s vertical integration facilitates its ‘All Products’ strategy with the company’s door fabrication facilities in particular providing value-added fabrication and logistical services to its customers, including store delivery of pre-hung interior and exterior doors to the company’s customers in North America. Although the company has a large number of customers worldwide, the company’s largest customer, The Home Depot, accounted for approximately 22% of the company’s total net sales in the year ended January 1, 2023. Research and Development The company’s research and development costs were $21.2 million in the year ended January 1, 2023. History Masonite International Corporation was founded in 1925 by William H. Mason.