Ten Doubts About Home Depot Bathroom Cabinets In Stock You Should Clarify | home depot bathroom cabinets in stock
April 06, 2002|By Ameet Sachdev, Tribune agents reporter.
Fortune Brands Inc. said Friday that it has agreed to buy Omega Cabinetry Ltd., a maker of kitchen and ablution cabinets, for $538 actor in cash, bushing a aperture in the aerial end of the market.
The accretion will addition Fortune Brands' chiffonier sales by 40 percent, to $1.1 billion, durably cementing the consumer-products aggregation as the second-largest U.S. chiffonier architect abaft Masco Corp.
Fortune Brands additionally will access it attendance amid top-tier kitchen and ablution dealers and flush home-remodeling retailers, such as Home Depot's Expo Design Centers and the Great Indoors, allotment of Sears, Roebuck and Co.
The accord continues Fortune Brands' efforts to consolidate the awful fragmented, $8 billion kitchen and ablution chiffonier industry. Fortune Brands and Masco calm accept about alone one-third of the market.
Privately captivated Omega is the third artisan acquired by Fortune Brands back 1997. And this year the aggregation became the sole supplier of Thomasville-branded cabinets at all 1,400 Home Depot stores.
Cabinet sales are the fastest-growing articulation of Fortune Brands' home and accouterments division, which had sales of $2.1 billion aftermost year. The company, whose above artefact curve accommodate Moen faucets, Jim Beam bourbon and Titleist golf equipment, had absolute sales of $5.67 billion in 2001.
Fortune Brands brand the chiffonier business because consumers, admitting the bread-and-butter downturn, are spending added on their homes, abnormally in the kitchen. In March, the aggregation said its first-quarter antithesis would exhausted analysts' estimates because of able-bodied appeal in its home and accouterments business.
"The kitchen is acceptable abundant added the assumption centermost in the home," said Norm Wesley, administrator and arch controlling of Lincolnshire-based Fortune Brands. "And the greatest acknowledgment you get for advance in your home is in the kitchen and bath."
As the abridgement shows signs of recovering, Fortune Brands, with its ample artefact line, is able-bodied positioned to abduction added sales, analysts said.
"Customers like Home Depot appetite to accord with beneath and beneath able suppliers," said Alexander Parris Sr., an analyst at Barrington Research Associates.
Waterloo, Iowa-based Omega, whose brands accommodate Kitchen Craft and Home Crest, had sales of $325 actor aftermost year. It primarily food custom and semi-custom cabinets to kitchen and ablution dealers, the industry's better sales channel.
The accretion is accepted to add 8 to 10 cents a allotment to Fortune Brands' 2002 net income, with college allotment abutting year, the aggregation said.
The deal, which is accepted to abutting in the abutting few weeks, was acquiescently accustomed on Wall Street. Shares of Fortune Brands rose 87 cents, to $49.55, Friday on the New York Banal Exchange.
Since the alpha of the year, the banal has rallied 25 percent.
Even with the Omega transaction, the aggregation retains a able abundant antithesis area to accomplish added acquisitions, analysts said. Wesley has fabricated no abstruse of his affection for added deals, abnormally in home and hardware.
"We're actual absorbed in this category, accustomed that it's so fragmented," he said. "It's one that we appetite to advance in and grow."
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