SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
November 22, 1995
Date of Report (Date of earliest event reported)
MASCO CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5794 38-1794485
(State of other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
21001 Van Born Road, Taylor, Michigan 48180
(address of principal executive offices) (Zip Code)
(313) 274-7400
(Registrant's telephone number, including area code)
<PAGE>
Item 5. OTHER EVENTS
On November 22, 1995, the Registrant announced that it has entered into an
agreement for the sale of its Home Furnishings Group.
The press release issued by the Registrant is filed as Exhibit 99.a
hereto.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits. The following exhibit is filed herewith:
99.a Press Release dated November 22, 1995
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
MASCO CORPORATION
By: /S/Richard G. Mosteller
Richard G. Mosteller
Senior Vice President -
Finance
Date: December 4, 1995
<PAGE>
EXHIBIT INDEX
99.a Press Release dated November 22, 1995.
Exhibit 99.a
November 22, 1995
FOR IMMEDIATE RELEASE
MASCO CORPORATION AGREES
TO DIVEST HOME FURNISHINGS GROUP
MASCO CORPORATION announced today that it has entered into an agreement
for the sale of MASCO's Home Furnishings Group.
Sales of the MASCO Home Furnishings Group in 1994 approximated $1.9
billion with operating profit of approximately $80 million.
The value of the transaction is in excess of $1.1 billion with over $1
billion of the purchase price in cash. MASCO will also receive options and
warrants to invest in the new company which is being formed by Morgan Stanley
Capital Partners to acquire the home furnishings businesses.
Morgan Stanley Capital Partners is the private equity division of Morgan
Stanley Group Inc., the global financial services firm. Morgan Stanley Capital
Partners, through its private equity investments funds, has invested $2.6
billion in equity in over 50 private transactions in companies across a wide
range of industries.
The Home Furnishings Group represents an investment of approximately $1.7
billion on MASCO CORPORATION's balance sheet. Thus, MASCO will record a
non-cash charge of approximately $600 million in its fourth quarter results to
reflect the transaction. It is expected that the transaction will be completed
in approximately 60 days and is subject to certain closing conditions.
Richard A. Manoogian, Chairman of MASCO, stated:
"We are pleased that the investor group headed by Morgan Stanley
Capital Partners is acquiring our Home Furnishings Group as a single
entity, which we believe will be beneficial for our customers and
employees, and that the investor group is making a major investment in
these businesses and in the home furnishings industry.
<PAGE>
Page 2
November 22, 1995
"We acquired the leadership companies that comprise our Home
Furnishings Group over the last nine years and have melded them into
what we believe is the largest and finest group of home furnishings
companies in the world. The divestiture of our home furnishings
businesses will enable us to better focus on our traditional home
improvement and building products businesses which have historically
achieved outstanding operating performance."
MASCO's Home Furnishings Group includes such well-known brands as
Henredon, Drexel Heritage, Lexington, Universal, Berkline, Bench Craft,
Maitland-Smith and Robert Allen Fabrics.
MASCO CORPORATION manufactures home improvement, building and home
furnishings products for the home and family.
