Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Masonite to file for Chapter 11 (Mississippi)
Leader Call ^ | March 4, 2009 | Staff

Posted on 03/04/2009 2:12:59 PM PST by Islander7

Laurel Mill, other locations, expected to stay open

From staff and wire reports

MISSISSAUGA, Ontario — Canadian door maker Masonite International Inc., a company with origins to Laurel, said Tuesday it expects to file for bankruptcy protection from creditors as part of a deal with lenders to reduce the company’s debt by nearly $2 billion.

Masonite, which is majority owned by U.S. leveraged-buyout firm Kohlberg Kravis Roberts, is seeking support for the plan from its broader lender and bondholder constituencies. If approved, a “pre-negotiated” reorganization plans would be filed in conjunction with a creditors’ restructuring in Canada and Chapter 11 proceedings in the United States.

If cleared by lenders and bondholders, the plan will enable Masonite, one of North America’s largest makers of doors and other building products, to reduce its total funded debt from $2.2 billion to up to $300 million.

------------ Snip

Masonite was invented in 1924 by William H. Mason in Laurel. Mason took wooden chips from what was considered waste products from Laurel’s timber industry and created sturdy boards.

(Excerpt) Read more at leadercall.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; US: Mississippi
KEYWORDS: bankruptcy; bhoeconomy; economy; industry; manufacturing; masonite; mississippi
Forming the Mason Fiber Company in 1924

Wisconsin and Laurel lumber companies funded Mason to establish the Mason Fiber Company in 1924; four years later it would adopt the Masonite Corporation name. In October 1925 construction was started on the company's first plant, located in Laurel, to produce insulation board and hardboard. It began operations in 1926. Mason continued to improve Masonite, creating attractive finishes and increasing the strength through a tempering process. With the advent of the Great Depression of the 1930s, Masonite thrived because of its cheap price, and because of its quality and strength it would remain a standard construction product even after the economy rebounded. Mason was awarded a string of patents connected to Masonite before his death in 1940.

-------------- Snip

My father worked at Masonite for 43 years. He started out as labor in 1938, stacking boards as they came off the presses. He retired as plant superintendent.

1 posted on 03/04/2009 2:12:59 PM PST by Islander7
[ Post Reply | Private Reply | View Replies]

To: WKB; wardaddy; Downsouth55; Michael Knight; ejonesie22; bkwells; DogwoodSouth; WileyPink; jmax; ...


2 posted on 03/04/2009 2:13:35 PM PST by Islander7 (If you want to anger conservatives, lie to them. If you want to anger liberals, tell them the truth.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Islander7

Dam I hope the make it I use a lot of the doors in my bidness


3 posted on 03/04/2009 2:15:09 PM PST by al baby (Hi Mom)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Islander7

thats Canada dude.


4 posted on 03/04/2009 2:17:36 PM PST by GeronL (Will bankrupting America lead to socialism?)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Islander7

I, too have worked in that plant as a contractor. Been there many times.


5 posted on 03/04/2009 2:17:51 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Islander7

Just don’t get it wet.


6 posted on 03/04/2009 2:19:59 PM PST by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Islander7

Jim Walter Homes used to own this company. KKR bought them out in 1987. I worked for JWH at the time. Truthfully, I think Masonite was more or less destroyed by Hardi-plank.

Jim started this company with $800 he borrowed from his father in law in 1946 right after he got out of the Navy. He sold out in 1987. They went recently went under.

By the way, here’s what they used to say: “Jim Walter Homes. Knock on the front door and the back door rattles.


7 posted on 03/04/2009 2:30:33 PM PST by Terry Mross (I Hate All Politicians, Republicans Included.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GeronL

thats Canada dude....”

Headquarters is now in Canada (was in Chicago for many years). The company was founded in Laurel, Miss. Read the article, dude.


8 posted on 03/04/2009 2:31:55 PM PST by Islander7 (If you want to anger conservatives, lie to them. If you want to anger liberals, tell them the truth.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Islander7

lol


9 posted on 03/04/2009 2:35:39 PM PST by GeronL (Will bankrupting America lead to socialism?)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Terry Mross

I Jim Walter ever owned Masonite, but they sure used a lot of their products. There are many JW homes still occupied throughout the southeast. It depended on the quality of the construction crew who built them if that back door rattled.


10 posted on 03/04/2009 2:37:51 PM PST by Islander7 (If you want to anger conservatives, lie to them. If you want to anger liberals, tell them the truth.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Islander7

“I extend a laurel; and hearty handshake ...”


11 posted on 03/04/2009 3:30:00 PM PST by NonValueAdded (May God save America from its government; this is no time for Obamateurs. Emmanuel = Haldeman?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Terry Mross
“Jim Walter Homes. Knock on the front door and the back door rattles."

LOL! having seen quite a few of them, in my growing up days in MS, I can understand that!

12 posted on 03/04/2009 3:55:28 PM PST by SuziQ
[ Post Reply | Private Reply | To 7 | View Replies]

To: SuziQ

Kaiser homes in Westchester California plywood walls glued with this black like glue that was used on the spruce goose hard to tear down to remodel


13 posted on 03/04/2009 5:48:12 PM PST by al baby (Hi Mom)
[ Post Reply | Private Reply | To 12 | View Replies]

To: NonValueAdded

LOL! Love that movie.


14 posted on 03/04/2009 6:39:54 PM PST by To Hell With Poverty (The War on Poverty is over. Poverty won. - Howie Carr)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Islander7

Jim Walter owned Masonite, a fiber glass plant, some jewlry stores, Georgia Marble...a bunch of stuff. KKR bought it on borrowed funds then sold off all the subs. Gutted JWH.

Here’s another story about JWH. First of all, he had a full partner named Tom Hires. Anyway, in the late 50’s banks stopped financing partially built homes. Jim and Tom “disappeared” for a few weeks. Nobody knew where they were. They came back in limos and had a new comptroller named Leo Almerico. And they had a finance company in Philadelphis. Story was Leo was the financing “folks” eyes and ears. Leo was there when I left in ‘87. Supposedly this was when the mob was getting into legit businesses.

Don’t know if this story is true but it was told often.


15 posted on 03/04/2009 6:49:27 PM PST by Terry Mross (I Hate All Politicians, Republicans Included.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Terry Mross

Jim Walter owned Masonite...”

I’m sure the folks at Masonite HQ will be surprised. Their history, at the link in the story, says nothing about it. I think your former employers were blowing smoke at you.


16 posted on 03/04/2009 7:39:27 PM PST by Islander7 (If you want to anger conservatives, lie to them. If you want to anger liberals, tell them the truth.)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Islander7

When I say “owned” JW Industries was an umbrella under which there were many companies. How do you think KKR got hold of Masonite? They bought Jim Walter Industries for 1.3 billion bucks of money borrowed against JWH land holdings. I know because I drove to courthouses all over Texas filing deeds transferring ownership from Mid-State Mortgage (A JW Company) to a bank in Philadelphia that loaned the money to KKR.

The problem with Masonite rotting was painters seldom painted the bottom lip. It would retain moisture and rot “upwards”.

As for JW Homes being poorly built, the quality of the home was directly purportional to the maturity, skill and dedication of the local branch manager and his construction manager.

And the fact that you were threatened with termination every week if you didn’t have a sale, a start and a completion. That’s why sales were counted without deeds, wood piles were counted as sales and a house was counted as “completed” when the cinder blocks were set for the foundation. You were pressured into breaking the rules then you were under the gun to finish it before you got caught. Thus, some very quickly but poorly constructed homes.


17 posted on 03/05/2009 5:48:05 AM PST by Terry Mross (I Hate All Politicians, Republicans Included.)
[ Post Reply | Private Reply | To 16 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson