MasterBrand completes Supreme Cabinetry acquisition
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Ohio-based MasterBrand Cabinets LLC, which has a large presence in Dubois County, said Thursday it has completed its $520 million acquisition of Iowa-based Supreme Cabinetry Brands Inc.
CEO Dave Banyard called the deal a “major milestone” that positions the company to reach more consumers and widen its product offerings.
The acquisition was first announced in May. Banyard said the entire Supreme Cabinetry team is being retained, though a specific number of employees was not provided.
“As one team, we will build on our shared legacy of innovative product leadership, superior customer service and continuous improvement to drive significant value for all our stakeholders,” Banyard said in a news release. “We warmly welcome the talented team at Supreme and look ahead with excitement to our continued journey of growth and innovation.”
MasterBrand said the acquisition is expected to create $28 million in cost savings over a three-year period through procurement, facility optimization and overhead expenses.
In December, MasterBrand announced plans to relocate its corporate headquarters in Beachwood, Ohio, a suburb of Cleveland. However, the company said its operations headquarters, which houses its manufacturing leadership, product development and marketing teams, would remain in Jasper.