About Masco

Masco Corporation and its subsidiaries engage in the design, manufacture, and distribution of branded home improvement and building products worldwide. The company’s portfolio of industry-leading brands includes BEHR paint; DELTA and HANSGROHE faucets, bath and shower fixtures; KICHLER decorative and outdoor lighting; LIBERTY branded decorative and functional hardware; and HOT SPRING spas. The company leverages its powerful brands across product categories, sales channels, and geographies to create value for the company’s customers and shareholders. In 2023, the company acquired all of the share capital of Sauna360 Group Oy (‘Sauna360’). Strategy The company’s three strategic pillars include driving the full potential of the company’s core businesses; leveraging opportunities across its enterprise; and actively managing its portfolio. Business Segments The company operates through two segments, Plumbing Products and Decorative Architectural Products. Plumbing Products The businesses in the company’s Plumbing Products segment sell a wide variety of products that are manufactured or sourced by the company. The company’s plumbing products include faucets, showerheads, handheld showers, valves, bath hardware and accessories, bathing units, shower bases and enclosures, shower drains, steam shower systems, sinks, kitchen accessories and toilets. The company primarily sells these products to home center retailers, online retailers, mass merchandisers, wholesalers and distributors that, in turn, sell them to plumbers, building contractors, remodelers, smaller retailers and consumers, and homebuilders. The majority of the company’s faucet, bathing and showering products are sold primarily in North America, Europe, and China under the brand names DELTA, BRIZO, PEERLESS, HANSGROHE, AXOR, KRAUS, EASY DRAIN, GINGER, NEWPORT BRASS, BRASSTECH, and WALTEC. The company’s BRISTAN and HERITAGE products are sold primarily in the United Kingdom. The company manufactures acrylic tubs, bath and shower enclosure units, and shower bases and trays. The company’s DELTA, PEERLESS and MIROLIN products are sold primarily to home center retailers in North America. The company’s MIROLIN products are also sold to wholesalers and distributors in Canada. The company’s spas, exercise pools, aquatic fitness systems and saunas are manufactured and sold under the company’s HOT SPRING, CALDERA, FREEFLOW SPAS, FANTASY SPAS, ENDLESS POOLS, TYLO and FINNLEO brands, as well as under other trademarks. The company’s spas, exercise pools and saunas are sold worldwide to independent specialty retailers and distributors and the company’s spas and exercise pools are also sold to online mass merchant retailers. Certain exercise pools are also available on a consumer-direct basis in North America and Europe, while the company’s aquatic fitness systems are sold through independent specialty retailers, as well as on a consumer-direct basis in some areas. Included in the company’s Plumbing Products segment are brass, copper and composite plumbing system components and other non-decorative plumbing products that are sold to plumbing, heating and hardware wholesalers, home center and online retailers, hardware stores, building supply outlets and other mass merchandisers. These products are marketed primarily in North America under the company’s BRASSCRAFT, PLUMBSHOP and MASTER PLUMBER brands and are also sold under private label. Within the company’s Plumbing Products segment, the company develops connected water products that enhance the experience with water in homes and businesses. These systems include touchless activation, voice activation, controlled volume dispensing and provide for monitoring and controlling the temperature and flow of water and are compatible with a range of faucets, showerheads and other showering components. The company also supplies custom thermoplastic solutions, extruded plastic profiles, and specialized fabrications, as well as PEX tubing, to manufacturers, distributors, and wholesalers for use in diverse applications that include faucets and plumbing supplies, appliances, oil and gas equipment and building products. The company’s plumbing products are among the leaders in sales in North America and Europe. Competitors of the majority of the company’s products in this segment include Dornbracht AG & Co. KG; Zurn Elkay Water Solutions Corporation; Fortune Brands Innovations, Inc.'s Moen, Rohl and Riobel brands; Kohler Co., Lixil Group Corporation’s American Standard and Grohe brands; and Spectrum Brands Holdings, Inc.'s Pfister faucets. Competitors of the company’s spas, exercise pools, aquatic fitness systems and saunas include Artesian Spas, Harvia, Jacuzzi and Master Spas brands, among others. Foreign manufacturers competing with the company are located primarily in Europe, China, and Canada. Additionally, the company faces significant competition from private label products and digitally native brands. The businesses in the company’s Plumbing Products segment manufacture products primarily in North America and Europe, as well as in Asia and source products from Asia and other regions. Many of the company’s plumbing products contain brass, the major components of which are copper and zinc. The company has multiple sources, both domestic and foreign, for its raw materials used in this segment. Decorative Architectural Products The company’s Decorative Architectural Products segment primarily includes architectural coatings, including paints, primers, specialty coatings, stains and waterproofing products, as well as paint applicators and accessories. These products are sold in North America and South America under the brand names BEHR, KILZ, WHIZZ, Elder & Jenks and other trademarks to ‘do-it-yourself’ and professional customers through home center retailers and other retailers. Net sales of architectural coatings comprised approximately 32 percent of the company’s consolidated net sales in 2023. The company’s BEHR products are sold through The Home Depot, its largest customer overall, as well as this segment’s largest customer. The company’s Behr business grants Behr brand exclusivity in the retail sales channel in North America to The Home Depot. The company’s competitors in this segment include large national and international brands, such as Benjamin Moore & Co., PPG Industries, Inc.'s Glidden, Olympic, Pittsburgh Paints and PPG brands, RPM International, Inc.'s Rust-Oleum and Zinsser brands, The Sherwin-Williams Company's Minwax, Sherwin-Williams, Thompson’s Water Seal, Valspar and Purdy brands and the Wooster Brush Company, as well as many regional and other national brands. The company’s Decorative Architectural Products segment includes branded cabinet and door hardware, functional hardware, wall plates, hook and hook rail products, and outdoor living hardware, which are manufactured for the company and sold to home center retailers, mass retailers, online retailers, other specialty retailers, original equipment manufacturers and wholesalers. These products are sold under the LIBERTY, BRAINERD, FRANKLIN BRASS, and other trademarks. The company’s key competitors in North America include Amerock Hardware, Richelieu Hardware Ltd., Top Knobs and private label brands. Decorative bath hardware, shower accessories, mirrors and shower doors are sold under the brand names DELTA and FRANKLIN BRASS and other trademarks to home center retailers, mass retailers, online retailers, other specialty retailers and wholesalers. Competitors for these products include American Bath Group, LLC's Dreamline brand, Fortune Brands Innovations, Inc.'s Moen brand, Gatco Fine Bathware, Kohler Co. and private label brands. This segment also includes decorative indoor and outdoor lighting fixtures, ceiling fans, landscape lighting and LED lighting systems. These products are sold to home center retailers, online retailers, electrical distributors, landscape distributors and lighting showrooms under the brand names KICHLER and ELAN and under other trademarks. Competitors of these products include Acuity, FX Luminaire, Generation Brands, Hinkley Lighting, Inc., Hunter Fan Company, Progress Lighting brand and private label brands. Seasonality The company’s Decorative Architectural Products segment is impacted by seasonality and normally experiences stronger sales during the second and third calendar quarters (year ended December 2023), corresponding with the peak season for repair and remodel activity. History Masco Corporation was founded in 1929. The company was incorporated under the laws of Michigan in 1929 and was reincorporated under the laws of Delaware in 1968.