Comprising more than 20 companies, the Masco conglomerate operates nearly 60 manufacturing facilities in the United States and over 20 in other parts of the world.
[3] Under the leadership of Richard Manoogian, the company grew exponentially and subsequently joined the Fortune 500 list of largest U.S.
Between 1997 and 2002, Richard Manoogian, who succeeded his father as chief executive, acquired 42 companies valued at a total of $10 billion.
Masco went on to capture the mass market as sales moved from plumbing wholesalers to retail stores.
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.
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 a strong do-it-yourself market.”[10] In 1985, Masco purchased the remaining outstanding stock of Flint & Walling, Inc (after purchasing 30% in 1971 and controlling interest in 1978).
[11] In 1999, Masco involved itself in the architectural coatings business by purchasing Behr,[12] and the company's annual sales topped five billion dollars for 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.
[3] 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.
[11] 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.
This ranked them in the top ten publicly owned companies achieving increased annual consecutive dividends.
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.