Masonite Corporation's 64 employees will lose their jobs in February as the company plans to close its Kirkwood manufacturing plant. According to a notice filed with the labor department, Masonite Corp. will lay off employees on Feb. 5, or within 14 days of that date, because of economic reasons. The estimated cost of the order reduction for Masonite is $70 million, 4% of total sales.

Masonite Corporation intends to look for potential acquisitions. Robert Byrne, Chairman, Masonite, said: "To counteract this, we continue to execute on our strategy and deliver on our three pillars of EBITDA and revenue growth -- one, drive operating leverage through aggressive cost control and footprint rationalization to strengthen the core; secondly, grow organically through new product innovation, customer service excellence, and growing in new regions; and lastly, tuck-in acquisitions to aid in needed consolidation, and more recently, to enable growth in higher-margin and differentiated interior commercial and architectural wood doors."