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Tampa-based Masonite International Corp. is saying au revoir to its French door business.
Perceva, a French-based equity company, says it will acquire Masonite's Premdor SAS for an undisclosed sum. Premdor is a significant chunk of its overall company, employing 680 people -- 7% of Masonite's total work force — and reporting net sales last year of $111.6 million. Masonite's total revenue last year was $1.8 billion, with a $34.1 million loss.
The deal makes the French doors Premdor manufactures true in every sense of the word. The company is currently based in the United Kingdom with an American owner in Tampa. But once Perceva closes the sale, Premdor will manufacture French doors for a French owner.
Masonite didn't say when the acquisition would be finalized. It will have to clear a number of regulatory hurdles, Masonite says in a release, including a consultation with French employee representatives.
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