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In 1984, after a dramatic strategic initiative to spin off Masco’s industrial component businesses into Masco Industries, Masco Corporation, now with sales of approximately $600 million, is composed of companies focused on consumer brand-name products for the home and family.
In 1990, the company was acquired by Masco Corporation of Taylor, Michigan.
After the Masco purchase, KraftMaid continued its growth, with revenues hitting $130 million in 1992.
"Kaizen" Introduced in 1995
In 1995, the company began working with TBM Consulting Group of North Carolina to help it streamline the manufacturing process.
In 1996, KraftMaid appointed a new senior vice-president of manufacturing, Tom Chieffe, who had previously worked for Masco managing mergers, acquisitions, and divestitures and who also had a background in the auto industry.
1996: A new plant opens in Orwell, Ohio.
By 1997, Masco has sold a total of approximately 120 million single-handle faucets in the United States alone, far more than any competitor.
In December 1998, the company appointed Tom Chieffe president of the company.
Passport, which was the first cabinet line certified by an independent testing facility to meet Universal Design standards, was named the year's best product by Today's Homeowner magazine in 1998, while the American Society on Aging gave it an award for Outstanding Design for Mature Consumers.
In 1999, KraftMaid began an $11.4 million expansion of its Orwell plant, which would triple in size to 262,000 square feet.
While many businesses saw earnings drop as the United States economy slumped in 2001 and 2002, KraftMaid's sales surged upward as people began investing in their homes, spurred on by record-low mortgage interest rates. Its just-in-time manufacturing was so finely tuned that KraftMaid closed the last of eight warehouses it had been using to store raw materials in December 2001.
Over the next several years, the company continued to expand its cabinet options, and by 2001 it offered more than 100 cabinet door styles in seven woods and a number of different laminates.
In early 2003, KraftMaid assigned its advertising account to a new agency, W.B. Doner of Detroit.
The 700,000-square-foot plant was expected to cost $106 million and would employ 1,300 after it opened in mid-2006.
By 2006, Masco has been reporting a 15 percent compound growth rate in sales, through acquisitions and internal growth, for 50 consecutive years.
Following the retirement of Richard Manoogian and Alan Barry in 2007, Timothy Wadhams becomes Masco’s fifth President.
Innovation continues to be the hallmark of Masco’s success, with 30% of Masco’s 2012 sales attributed to new product innovations introduced in the last three years.
To potentially drive greater shareholder value, in 2019 Masco makes a strategic decision to exit the cabinet and windows businesses.
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