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Masco Management Discusses Q2 2012 Results - Earnings Call Transcript

We also in the quarter had a fairly significant event in terms of the settlement of our Columbus Drywall litigation. I should say that's accounted for in the second quarter. It actually took place in the latter part of July. We've agreed to pay $75 million to settle that claim. We continue to deny any wrongdoing or unlawful conduct but certainly feel that this decision makes sense under the circumstances it eliminates a significant uncertainty and also limits the expense of that case, which was fairly significant. And it's very good to have that behind us.

If you flip to Slide #5. Earlier this year, we communicated the strategic initiatives that we're focused on to drive improved performance and value going forward. Those include extending our market leadership positions, continuing to aggressively manage our cost structure through supply chain and Lean initiatives, improving our Cabinet and Installation-related businesses and strengthening our balance sheet.

And if you flip to Slide #6, we'll talk a little bit about how we've done against those strategies. As it relates to extending our market leadership positions, we continue to introduce new products, as well as win new business for the future. I think a good example of one of the new product introductions that we have includes the extension of our Delta brand, with new products, new finishes and complementary accessories in the bath category. As it relates to our Installation segment, we continue to get very good traction in the first part of this year as it relates to the relatively new retrofit and light commercial channels. In our Window businesses, both in North America and in the United Kingdom, continued to gain share. Milgard continues to do a very good job in the Western part of the United States. Recent product introductions: Essence -- Essence is our wood fiberglass window -- the vinyl color window program and our vinyl swing doors are all getting very good traction.

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