2020 Annual Report

2020 Annual Report

Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of products enhances the way consumers all over the world experience and enjoy their living spaces.

On the Cover: Behr Paint Company offers its most popular colors and painting kits delivered right to your door. Behr's all-in-one painting kit includes a paint tray, liner, roller frame, professional nap roller and thin angled sash brush. For more information, visit express.

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SHAREHOLDERS:

In early 2020, as COVID-19 started reshaping our lives, our economy and our business, we were completing the sale of our Cabinetry business and focusing our efforts on our higher margin, less cyclical Plumbing Products and Decorative Architectural Products segments. To address the global pandemic, we quickly pivoted and established three priorities to guide us throughout the year:

1. Keep our employees safe; 2. Meet the needs of our customers; and 3. Position Masco to outperform the recovery.

In the midst of tremendous change and uncertainty, our 18,000 employees across the globe worked tirelessly to deliver on these priorities. I extend my sincere thanks to them for their outstanding efforts. Our performance during this challenging year was a testament to their dedication and to our culture, which leverages the Masco Operating System to drive results, deliver better solutions and, ultimately, provide better living possibilities.

Along with our employees' resiliency and our continued strategic focus, strong consumer demand for lower-ticket repair and remodeling products and increased spending on repair and remodel activity enabled us to deliver exceptional results in 2020. We delivered strong top-line growth and gained share in both of our segments, led by double-digit sales growth at Delta Faucet Company, Behr Paint Company and Liberty Hardware.

In our Decorative Architectural Products segment, with our leading brands, Behr?and Kilz?, and our strong channel partnerships, we capitalized on the resurgence of do-it-yourself (DIY) paint projects, resulting in full-year growth of over 20 percent in this end-user segment. While our pro paint business declined slightly over the prior year, we experienced solid improvement in demand as the year ended. We expect pro paint demand to continue in 2021 as professional contractors increasingly re-enter homes and buildings to serve their customers. Our builders' hardware business also benefited in 2020 from increased consumer demand and contributed to the segment's results by delivering solid growth.

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