Masco history

Although sales in 1931 are down from the first year, Alex scrupulously saves enough money to bring his parents and brothers from Greece, where they had fled from the genocide, to America.

In 1934 his brother Charles joined the company, followed a few years later by another brother, George.

In 1935, the company's sales reached $100,000 dollars.

By 1936, Masco is operating at full capacity and needs additional funding for machinery and human resources to continue to increase sales and earnings.

In 1937, Masco went public, its shares selling for $1 on the Detroit Stock Exchange.

In 1942, Masco's sales exceeded $1,000,000 dollars.

Sales skyrocket to $1.9 million by 1944 due to defense-related production work.

When the war ended in 1945, sales declined as Masco returned to manufacturing for the automotive industry, and three years later, Masco offered more stock to the public.

The 55,000 square-foot facility, opened in 1948, later expands to nearly 100,000 square-feet to house all company office and manufacturing operations for the next 11 years.

In 1950, just after the Korean War began, Masco resumed production for the defense industry.

In 1952, Alex secures a contract to produce brass parts for a small California company owned by two of his Armenian friends.

These steps of production and marketing of the Delta faucet began in 1954, and four years later Delta Faucet's annual sales exceeded a million dollars.

To accommodate increased sales, Masco decides to build a new faucet plant in Greensburg, Indiana, in 1958.

In 1959 Masco bought a separate plant in Greensburg, Indiana for faucet manufacturing.

Masco announced a 2 for 1 stock split, which was the ninth time the company had split its shares since 1960 and was the 40th year in a row that its dividends were increased.

In March of 1961, Richard engineers Masco’s completion of its first acquisition, Peerless Industries Inc., a manufacturer of plumbing valves and fittings, enabling the company to offer customers a broader line of plumbing products.

Renamed Mascon Toy Company after its purchase in 1962, the company is one of the leading manufacturers of toy telephones.

In 1966, Manoogian and his wife donated their mansion to the City of Detroit, which was made the official Detroit mayoral residence.

In 1968 Richard Manoogian was made president of Masco, and Alex Manoogian became chairman of the board.

For the first time, in 1969, Masco was listed on the New York Stock Exchange.

Building on its reputation for plumbing excellence, Masco introduces Delex®, a rotary cylinder two-handle faucet, in 1971 and brings Peerless® faucets to the retail and do-it-yourself markets.

In 1972 Masco began to market a new faucet design, a double-handled faucet called the Delex, based on the same rotating-ball principle as the Delta.

Foreign sales in 1973 accounted for four percent of the company's total, increasing one year later to seven percent.

Plumbing products for do-it-yourself home improvement continued to do especially well, and renovation and replacement accounted for more than half of Masco's faucet sales by 1975.

CB sales continued to soar at the beginning of 1976, but, by the end of the year, the supply of CBs exceeded demand.

In 1979 Masco purchased Jung-Pumpen, a West German maker of sump pumps, and Arrow Specialty Company, a maker of engines and engine repair parts.

In 1980, while automobile production slowed 24 percent, Masco worked with car manufacturers on design, to create additional car parts.

In 1981 Masco introduced a nonceramic toilet, which used much less water and was insulated to muffle the sound of flushing.

In 1982 Masco's earnings did not grow for the first time in 26 years.

In 1983 Masco acquired Brass Craft Manufacturing Company, a maker of plumbing supplies.

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.

Wayne B. Lyon became president of Masco in 1985, and Richard Manoogian served as chairman and CEO of both Masco Corporation and Masco Industries.

Erwin H. Billig became president of Masco Industries in 1986.

In 1987 Masco purchased Marbro Lamp Company and Hueppe Duscha, a West German maker of shower equipment.

A third member of the Masco family, TriMas, is established as a separate public entity in 1988.

In 1989 earnings declined, and Masco Corporation's stock sold at discounted rates, due to investor uncertainty about the future of the home improvement sector.

In 1990 Masco bolstered its cabinetry operations through the acquisition of KraftMaid Cabinetry, Inc.

Prospects had improved by 1993 thanks to a restructuring and an improving economy and Masco took advantage of MI's stronger position by reducing its stake in its sister company that year to 35 percent.

In November 1995 Masco announced that Morgan Stanley Capital Partners would buy the furniture unit for nearly $1.2 billion, but in January of the following year the deal was abandoned without explanation.

Alex died on July 10, 1996, the same year that his son Richard passed on his COO role to Ray Kennedy, allowing him to assume the position of chief executive officer.

In March 1997 Masco acquired Franklin Brass Manufacturing Company, a California-based maker of bath accessories and bath safety products, and LaGard Inc., another California company, which was an electronic lock manufacturer.

During this period the company also made an effort to establish a stronger niche in the Japanese home furnishings market, establishing Masco Japan Ltd. in February 1998.

While the company continued to enjoy record profits in 1999, with net earnings nearly reaching $700 million, a decline in the home furnishings business was approaching.

In January 2000 Masco acquired Danish firm Tvilium-Scanbirk, a leading manufacturer of ready-to-assemble shelving, cabinetry, and other furniture products in Europe, and a major supplier for Staples.

In 2001, Masco Corp., or simply Masco, entered the windows business and had operating profits beyond a billion dollars.

In response to Kennedy's death, Alan Barry was appointed as Masco's president and COO on April 8, 2003.

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.

Masco reaches this milestone in 2009, one of few companies on the NYSE to achieve this.

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.

In 2015, the company announced it would relocate its headquarters from its facility in Taylor, Michigan to Livonia due to downsizing after spinning-off some divisions.

Company president Keith Allman opened the new site on July 31, 2017.