MasterBrand and American Woodmark Corporation have signed an agreement for an all-stock merger, creating a company with a combined equity value of $ 2.4 billion and an enterprise value of $3.6 billion. American Woodmark shareholders will receive 5.150 shares of MasterBrand for each share they own. Following the merger, MasterBrand shareholders will hold 63% of the combined company, while American Woodmark shareholders will own 37%. The new entity aims to offer a broader range of cabinet brands, expand market reach, and achieve about $90 million in cost savings by year three. It anticipates increased flexibility for channel partners, enhanced operations, and commercial growth through its expanded footprint. Financially, the merged company aims for a strong cash flow, a net debt-to-adjusted EBITDA ratio of less than 2.0x, and increased investment in innovation and technology.