Boston, MA 06/13/2014 (wallstreetpr) – Masco Corporation (NYSE:MAS) which manufactures home improvement products has finally found its new home at a place which is 2 miles away from its present location. It was about 10 years ago when the company had last moved its headquarters to Daytona Beach. The requirement of larger space by the company due to increased production made company to relook for relocation.
The New Agreement In Detail
According to the sources, Masco found and finalized a 21 acre property in Daytona Beach, in east of Williamson Boulevard. As per Dick McNerney, the real estate agent from Adams, Cameron & Co., Masco Corporation (NYSE:MAS) will go for a 10 year property lease. Adams entered into this agreement on behalf of Fisher Entities, who in turn will build a large spacious office with specific designs for Masco Corporation. The estimated area of this office building will be 65000 to 70000 square feet. The details about the building have yet to be worked out. The expected cost will be around $8 million to $9 million and the building should be ready by late summer or early 2015.
Masco added 242 employees by March 2014 but seeing growing business needs, it may add a few more due to strong economy and better growth prospects for housing market.
Corporate Social Responsibility
Currently, Masco is headquartered at Jimmy Ann Drive. The building is being owned by late Joseph Fisher’s family. The company received grant of $51600 from the country and $400700 of tax abatements in March, 2014. Additionally, Masco got performance linked incentives of $258000 from the state. These perks have forced the company to be socially responsible and taking a pledge to create 58 local jobs in coming years in order to give back to society. This may pay back on an average of more than $58000 in a year.
Robert Buck, Masco Corporation (NYSE:MAS)’s CEO is happy and satisfied with the decision of relocation as his company is able to fulfil the needs of Masco’s employees and local communities.
