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32-524: As of 2007, Masco employed approximately 32,500 employees and has approximately 6,000 shareholders. The company is currently ranked at 373 on the Fortune 500. As of December 31, 2007, Masco had a little over ten billion dollars in assets, and the company's total revenue was $ 11.77 billion. Total sales for the company in 2009 were 7.8 billion. In 2010, the company had worldwide sales of $ 7.6 billion and approximately 90 manufacturing facilities. As of August 2014,

64-529: A $ 480 million deal, as well as Sunbury Textiles. The division added Berkline in 1994 and sold Marge Carson and Cal-Style in 1995. Masco reorganized its numerous companies; in 1988, the specialty products divisions of Masco Industries and Masco Corporation combined to form TriMas Corporation. Three years after this merger, TriMas was listed on the New York Stock Exchange (NYSE). The remainder of Masco Industries became Masco Tech Inc. and in 1993

96-431: A lower price than before the split, the result can be a temporary increase in demand and the share price. Others contend that the management of a company, by initiating a stock split, is implicitly signaling its confidence in the future prospects of the company. In a market where there is a high minimum number of shares, or a penalty for trading in so-called odd lots (a non multiple of some arbitrary number of shares),

128-458: A market capitalization of $ 5000 = 100 × $ 50. If the company splits its stock 2-for-1, there are now 200 shares of stock and each shareholder holds twice as many shares. The price of each share is adjusted to $ 25 = $ 5000 / 200. The market capitalization is 200 × $ 25 = $ 5000, the same as before the split. The analog in currency would be redenomination . This would be where a currency increases in value so that people have to use small fractions. Then

160-654: A new unit (such as dollar) can be introduced, such that an old unit is equal to 10 (or some number) new units. An example is with the Australian currency. In 1966 the Australian pound was split into two Australian dollars . When a stock splits, many charts show it similarly to a dividend payout and therefore do not show a dramatic dip in price. Taking the same example as above, a company with 100 shares of stock priced at $ 50 per share. The company splits its stock 2-for-1. There are now 200 shares of stock and each shareholder holds twice as many shares. The price of each share

192-420: A reduced share price may attract more attention from small investors. Small investors such as these, however, will have negligible impact on the overall price. Ratios of 2-for-1 , 3-for-1 , and 3-for-2 splits are the most common, but any ratio is possible. Splits of 4-for-3, 5-for-2, and 5-for-4 are used, though less frequently. Investors will sometimes receive cash payments in lieu of fractional shares. In

224-417: A row that its dividends were increased. This merger left two companies, Masco Tech. and Masco Corp. In 1996, Masco sold most of its Home Furnishings Division to investors for $ 1.1 billion, creating a new company called LifeStyle Furnishings International. In 1999, Masco involved itself in the architectural coatings business by purchasing Behr , and the company's annual sales topped five billion dollars for

256-412: A stock split to obtain the opposite strategy: by refusing to split the stock and keeping the price high, they reduce trading volume. Berkshire Hathaway is a notable example of this. As of 2023, the company has never split its stock and trades at over US$ 500,000. One possible explanation for increased trading volume is confusion. If some investors are unable to recognize that a split stock should trade at

288-557: A strong do-it-yourself market.” In 1985, Masco purchased the remaining outstanding stock of Flint & Walling, Inc (after purchasing 30% in 1971 and controlling interest in 1978). In 1986, Masco started a home furnishings division by buying Henredon for $ 298 million and Drexel Heritage for $ 356 million. Other companies added to the division were Lexington Home Brands, Hickorycraft, Marge Carson , La Barge and Marbro in 1987, and fabric company Robert Allen/Ametex in 1988. In 1989, Universal Furniture, BenchCraft and Cal-Style were added in

320-450: A total of $ 10 billion. In 1952, Manoogian began redesigning the single-handle washerless faucet. The faucet he created was one of the first single-handle hot/cold faucets; it is now known as Delta. Delta's television advertisements were a first for any faucet, and made the product a successful seller. Masco went on to capture the mass market as sales moved from plumbing wholesalers to retail stores. These steps of production and marketing of

352-470: Is adjusted to $ 25. As a result, when looking at a historical chart, one might expect to see the stock dropping from $ 50 to $ 25. To avoid these discontinuities, many charts use what is known as an adjusted share price; that is, they divide all closing prices before the split by the split ratio. Thus, when looking at the charts it will seem as if the price was always $ 25. Both the Yahoo! historical price charts and

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384-402: Is so high that it becomes unwieldy when traded. One of the reasons is that a very high share price may deter small investors from buying the shares. Stock splits are usually initiated after a large run up in share price. The main effect of stock splits is an increase in the liquidity of a stock: there are more buyers and sellers for 10 shares at $ 10 than 1 share at $ 100. Some companies avoid

416-718: The Armenian General Benevolent Union (AGBU). In recognition, he was voted Life President in 1970 and Honorary Life President in 1989. Manoogian was also active in the Knights of Vartan ; in 1940 he was elected its Avak Sparapet (National Commander). In 1968 he established the AGBU Alex and Marie Manoogian Cultural Fund. The fund, seeded with a $ 1 million endowment, is devoted to the publication and translation of Armenian scholarly and literary works, and Armenian cultural material worldwide. Through

448-827: The Forbes 400 list of richest manufacturers. The Manoogian family is no longer involved in the management of the company. 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. In December 2017, Masco acquired Mercury Plastics of Middlefield, Ohio for an undisclosed amount and in January 2018, it acquired Kichler Lighting of Independence, Ohio for $ 550 million. Alex Manoogian Alexander Manoogian ( Armenian : Ալեք Մանուկեան ; June 28, 1901 – July 10, 1996)

480-887: The AGBU, the Manoogians funded schools for ethnic Armenians in Southfield, Michigan ; Los Angeles, California ; Buenos Aires , Argentina ; Sydney , Australia ; Beirut , Lebanon ; Zahle, Lebanon ; Egypt ; Tehran, Iran ; Montreal , Quebec ; Toronto , Ontario ; and Montevideo , Uruguay (all are named for the Manoogian family). Manoogian also funded numerous Armenian churches , cultural centers, university chairs for Armenian studies and museums worldwide. He donated generously to Wayne State University in Detroit. Stock split A stock split or stock divide increases

512-476: The Beacon Hill showrooms. In 2003, Masco's annual sales topped ten billion dollars and Masco increased its quarterly dividend for the 47th consecutive year. This ranked them in the top ten publicly owned companies achieving increased annual consecutive dividends. Throughout his time with the company, Richard Manoogian achieved a net worth of approximately $ 750 million. He was ranked as high as number five on

544-660: The CEO is Keith J. Allman . Initially organized in 1929 as Masco Screw Products Company by Alex Manoogian in Detroit, Michigan . The company went public on the Detroit Stock Exchange in 1936. Masco Screw Products Company produced machined automotive parts for the Detroit automotive companies. The company's first contract came in 1930 with the Hudson Motor Company valued at $ 7,000.00. In 1935,

576-489: The Delta faucet began in 1954, and four years later Delta Faucet's annual sales exceeded a million dollars. This was the last year that the company would be referred to as Masco Screw Products Company. Alex Manoogian, founder, acted as president and chief operating officer (COO) from 1929 until 1967. In 1958 his son Richard joined the company. Richard, having spent nine years with the company, succeeded his father one year after

608-742: The Masco Screw Company, later known as Masco Corporation . By 1936, in the midst of the Great Depression , Manoogian had expanded Masco to the point that it was listed on the New York Stock Exchange ( NYSE ). Manoogian's redesign and production of the Delta faucet , which allowed one-handed use, resulted in best-selling status for the plumbing fixture and generated substantial profits for his business. In 1995, his company had $ 3 billion in sales and had 38 percent of

640-682: The United States after escaping the aftermath of the Armenian Genocide , arriving at Ellis Island and settling in Bridgeport, Connecticut . Manoogian began working as a machinist . He also worked for short periods in Rhode Island and Massachusetts . Manoogian and his family moved to Detroit , Michigan , in 1924, attracted to opportunities in the booming auto industry. After gaining more experience, in 1929 he founded

672-424: The above examples ‘y-for-x’ Shows the number of shares before (x) and after (y). Other common reporting nomenclatures are ‘x-y’ and ‘stock dividend’ of [=]y-x. In the above ‘3-for-1’ example (or 1-3 and 2 share stock dividend) would mean a stockholder holding 100 shares (on record date) will receive 200 new shares after the split for those 100 shares. A company which has 100 issued shares priced at $ 50 per share, has

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704-468: The company moved to Taylor, Michigan. 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 response to Kennedy's death, Alan Barry was appointed as Masco's president and COO on April 8, 2003. In 1961, Masco Screw Products Company changed its name to Masco Corporation. In 1967, the company moved its corporate headquarters to Taylor, Michigan. For

736-673: The company's sales reached $ 100,000. The following year Masco became a publicly traded company traded on the Detroit Stock Exchange. In 1942, Masco's sales exceeded $ 1,000,000. Masco Screw Products grew into the Masco Corporation, a large corporate holding company for numerous acquisitions. Small, family-run businesses were bought out by Masco Corporation with cash and stock in the parent corporation. Between 1997 and 2002, Richard Manoogian, who succeeded his father as chief executive, acquired 42 companies valued at

768-704: The domestic market for faucets. Manoogian married Marie Tatian (1902–1993), also an Armenian immigrant. Their daughter Louise Manoogian Simone (1933-2019) succeeded him as President of AGBU (see below). Their son Richard A. Manoogian (b. 1936) was CEO of the family business Masco and is a major collector of American art. He was said to have spoken 5 languages. Marie Manoogian died in 1993, and Alex in 1996. They were first interred in Detroit, Michigan. In 2007 they were reinterred with state honors in Armenia (see below). Manoogian contributed generously to charitable organizations and educational institutions, especially to

800-504: The first time, in 1969, Masco was listed on the New York Stock Exchange . In 1975, Masco first appeared on the Fortune 500 , and Masco's annual sales exceeded one billion dollars for the first time in 1984. One year later, Masco began manufacturing cabinets . In 1982 Masco's earnings did not grow for the first time in 26 years. The next year however, “In 1983, earnings climbed again for this maker of faucets and diverse product mix of builders’ hardware, because of increased housing starts and

832-501: The first time. In 1999, Masco Corp acquired Arrow Fastener Co., Inc. , a hand tool company expanding its business in the hardware category. In 2000, Heartland Industrial Partners , a private equity firm, purchased Masco Tech and changed its name to Metaldyne . Metaldyne is headquartered in Plymouth, Michigan . Masco also divested Flint & Walling, Inc in 2000 to Zoeller Company. In 2001, Masco Corp., or simply Masco, entered

864-659: The fourth letter of the Greek alphabet . He and his wife Marie donated the Manoogian Mansion to the city of Detroit, which uses it as the official residence of the Mayor of Detroit . In addition to donations to local universities, the Manoogians donated substantial amounts of money to churches, educational institutions and charities of the Armenian Diaspora to preserve and continue their culture. Manoogian

896-408: The number of shares in a company . For example, after a 2-for-1 split, each investor will own double the number of shares, and each share will be worth half as much. A stock split causes a decrease of market price of individual shares, but does not change the total market capitalization of the company: stock dilution does not occur. A company may split its stock when the market price per share

928-780: The windows business and had operating profits beyond a billion dollars. Late in the year, Masco announced it would write down the value of its stake in LifeStyle Furnishings International by $ 460 million, since its equity share was only 15 percent, with the rest being debt. LifeStyle, the third largest furniture maker in the United States with $ 2 billion in sales, had sold Universal Furniture to Lacquer Craft . Then Masco announced Furniture Brands International would buy Drexel Heritage, Henredon and Maitland-Smith for $ 275 million, with management of Berkline, BenchCraft and Sunbury taking over those companies. LifeStyle continued to own Lexington, Robert Allen/Ametex and

960-524: Was an Armenian-American industrial engineer, businessman, entrepreneur and philanthropist who spent most of his career in Detroit , Michigan . He was the founder of the Masco Corporation , which in 1969 was listed on the NYSE (XNYS:MAS). In 1954, he patented and brought to market the first successful washerless ball valve faucet, the Delta faucet , named for the faucet cam shaped like

992-606: Was born in 1901 to Takvor ( Armenian : տակվոր մանօգիան ) and Takouchie Manoogian ( Armenian : տակուճիե մանօգիան ) in Kasaba , Ottoman Empire (present-day Turgutlu , Turkey ), near Smyrna . His father was a grain wholesaler. He attended Armenian schools in Smyrna. In 1915, during the Armenian Genocide , Manoogian and his family escaped what is now Turkey through Greece . He later settled in Canada . In 1920, Manoogian immigrated to

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1024-455: Was listed on the NYSE. At that point in time three different Masco Companies existed: Masco Corp., Masco Tech., and TriMas Corp. Two years later, Masco entered the services business. TriMas and Masco Tech merged to form one company offering a wide array of products. 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

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