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 companys 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 Americas largest makers of doors and other building products, to reduce its total funded debt from $2.2 billion to up to $300 million.
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Masonite was invented in 1924 by William H. Mason in Laurel. Mason took wooden chips from what was considered waste products from Laurels timber industry and created sturdy boards.
(Excerpt) Read more at leadercall.com ...
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.
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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.
Dam I hope the make it I use a lot of the doors in my bidness
thats Canada dude.
I, too have worked in that plant as a contractor. Been there many times.
Just don’t get it wet.
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.
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.
lol
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.
“I extend a laurel; and hearty handshake ...”
LOL! having seen quite a few of them, in my growing up days in MS, I can understand that!
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
LOL! Love that movie.
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.
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.
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.
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