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Masco, which includes brands such as Behr paint, Delta faucet and KraftMaid cabinets, saw North American sales fall 19 percent, while international sales rose 6 percent.
The company reported that its results were affected by “significantly lower sales volume to the new home construction market and a continued decline in consumer spending for home improvement products.”
To control its costs, Masco recently made changes to its sourcing programs, consolidated certain businesses, closed plants and made head count reductions to the tune of 17,000 since late 2006. It has also closed 11 manufacturing facilities since that time.
“Business conditions remain difficult in the company's markets,” the company said in a statement. It estimates housing starts would continue to decline in the second half of 2008 and consumer spending on home improvement products would not improve in the coming year.