DAYTONA BEACH, Fla.,
July 1, 2015 /PRNewswire/
-- TopBuild Corp. (NYSE: BLD), the leading installer
and distributor of insulation products to the United States construction industry,
announced today the successful completion of its spin-off from
Masco Corporation (NYSE: MAS) into an independent, publicly‑traded
company.
TopBuild is comprised of the former Masco Contractor Services
business, now called TruTeam, a nationwide installer of insulation,
and Service Partners, a nationwide distributor of residential
insulation products and related accessories. TopBuild reported
revenue of $1.5 billion in 2014,
which represents a compound annual growth rate of 12% since
2012.
After market close on June 30, 2015, Masco Corporation
distributed to its stockholders one share of TopBuild common stock
for every nine shares of Masco common stock held at time of close
of business on the record date of June 19,
2015. TopBuild common stock will begin "regular-way" trading
today under the symbol "BLD" on the New York Stock Exchange.
"Today we begin a new chapter in the exciting TopBuild story by
becoming a separately traded public company. As the leading
installer and distributor of insulation products in the United States, we serve residential and
commercial builders of all sizes from coast to coast. Our
geographic presence and industry leading service positions us
extremely well to drive shareholder value," said Jerry Volas,
TopBuild' s Chief Executive Officer.
He continued, "Being part of Masco for the past 20 years has
provided TopBuild with the people, processes and systems to prosper
as a separate company. On behalf of our 8,000 associates
nationwide, I would like to thank everyone at Masco who has
contributed to our success. We welcome Masco's shareholders
as our own and we look forward to continued success."
About TopBuild
TopBuild Corp. is the leading installer
and distributor of insulation products to the United States construction industry, based
on revenue. TopBuild provides insulation installation services
nationwide through its Contractor Services business, TruTeam, which
has over 190 installation branches located in 43 states. TopBuild
also distributes insulation nationwide through its Service Partners
business from over 70 distribution centers located in 35 states. In
addition to insulation products, TopBuild also installs or
distributes other building products, including rain gutters, garage
doors, fireplaces, shower enclosures, closet shelving and roofing.
Further, TopBuild is a leader in building science and winner of the
2015 Energy Star Partner of the Year award from the U.S. Department
of Energy. More information on TopBuild and its TruTeam and
Service Partners divisions may be found at www.topbuild.com.
Safe Harbor Statement
Statements contained in this
press release that reflect our view about future performance
constitute "forward‑looking statements" under the Private
Securities Litigation Reform Act of 1995. You can identify these
statements by forward‑looking words such as "believe,"
"anticipate," "appear," "may," "might," "will," "should," "intend,"
"plan," "estimate," "expects," "assume," "seek," "forecast,"
"anticipates," "appears," "believes," "estimates," "predicts,"
"potential," or "continue," the negative of these terms and other
similar references to future period. These views involve risks and
uncertainties that are difficult to predict and, accordingly, our
actual results may differ materially from the results discussed in
our forward‑looking statements. We caution you against relying on
any of these forward‑looking statements. Our future
performance may be affected by our reliance on residential new
construction, residential repair/remodel and commercial
construction, our reliance on third‑party suppliers and
manufacturers, our ability to attract, develop and retain talented
personnel and our sales and labor force, our ability to maintain
consistent practices across our locations, our ability to maintain
our competitive position, and our ability to realize the expected
benefits of our spin‑off from Masco Corporation. We discuss many of
the risks we face under the caption entitled "Risk Factors" in the
information statement filed a part of our Registration Statement on
Form 10. Our forward‑looking statements in this press release
speak only as of the date of this press release. Factors or events
that could cause of actual results to differ may emerge from time
to time, and it is not possible for us to predict all of them.
Unless required by law, we undertake no obligation to update
publicly any forward‑looking statements as a result of new
information, future events or otherwise.
Contact
Investor Relations and Media
Idalia Rodriguez
IR@topbuild.com
386-304-2088
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SOURCE TopBuild Corp.