Masco Completes TopBuild Spin-off

(RTTNews) - Masco Corp (MAS), the maker of branded building products, on Wednesday said it has completed the tax-free spin-off of TopBuild Corp (BLD).

The spin-off was achieved through the distribution to Masco shareholders of one share of TopBuild common stock for every nine shares of Masco stock held at the close of business on the record date of June 19.

Masco said that beginning today, BLD shares commenced "regular-way" trading on the New York Stock Exchange.

TopBuild is comprised of the former Masco Contractor Services business, now called TruTeam, a nationwide installer of insulation, and Service Partners, a nationwide distributor of residential insulation products and related accessories. TopBuild reported revenue of $1.5 billion in 2014.