MasterBrand completes $3.6B acquisition of American Woodmark

Ohio-based cabinet giant MasterBrand announced Thursday that it has completed its $3.6 billion acquisition of Winchester-based cabinet manufacturer American Woodmark in an all-stock merger.

The companies previously announced the deal in August 2025. American Woodmark is now a wholly owned subsidiary of MasterBrand, and the combined company will continue operating under the MasterBrand name.

The combined company is headquartered in Beachwood, Ohio, but it will maintain a presence in Winchester, according to a statement. MasterBrand said combining the two companies will expand its operational footprint while reducing costs. The company expects the merger to produce about $90 million in annual savings by the third year after the deal closes.

“Today marks a transformative milestone for MasterBrand,” MasterBrand President and CEO Dave Banyard said in a statement. “The transaction brings together two industry leaders with complementary strengths, positioning us to deliver exceptional choice, quality and service to our customers, while creating enhanced long-term value for shareholders. Our immediate focus turns to integration — bringing together our people, operations, and capabilities in a way that accelerates value creation for all stakeholders. We are excited to unite our talented teams as we embark on this next chapter of growth.”

American Woodmark shareholders received 5.15 shares of MasterBrand common stock for each share of American Woodmark common stock they owned. MasterBrand shareholders own approximately 63% of the combined company, while American Woodmark shareholders own approximately 37%. Due to the merger being completed, the common stock of American Woodmark will be delisted from Nasdaq.

American Woodmark CEO Scott Culbreth appears to have left the company, according to an automated message from his email. MasterBrand did not immediately respond to requests for comment Thursday.

Former American Woodmark board directors Andrew Cogan, Philip Fracassa and Daniel Hendrix joined MasterBrand’s board of directors as independent directors following completion of the merger.

At the time of the merger, American Woodmark had roughly 7,800 employees. MasterBrand bills itself as the largest manufacturer of residential cabinets in North America, offering cabinetry products for the kitchen, bathroom and other areas of the home. Its products are delivered through a distribution network of over 7,700 dealers, retailers and builders. Prior to the merger, the company employed over 13,000 people across more than 20 manufacturing facilities and offices.