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November 04, 2009
New Entity To Own Stock's Old Wis., N.Y., Conn. UnitsWhat used to be the Wisconsin, Connecticut, and New York operations of Stock Building Supply now will be owned by a newly formed entity created by two equity firms and run by a former Stock executive. The new operation, to be called US LBM, will have 13 locations and 500 employees, and says it would rank about 15th on this year’s ProSales 100. That would make it roughly a $250 million operation. Stock To Merge Two Pa. Plants into a Third FacilityStock Building Supply, one of America's biggest LBM dealers, plans to close two panel, millwork, and truss plants in Lancaster County, Pa., and consolidate them into a third facility, a Stock spokesperson confirmed. Stanley Works, Black & Decker To MergeThe Stanley Works and Black & Decker will merge to create Stanley Black & Decker, an $8.4 billion global tool company. The deal is worth $4.5 billion, the companies said in a joint news release. While the deal is described as a merger, but Stanley is actually acquiring Black & Decker.
BMHC Cuts Losses, But Sales and Margin SlipBuilding Materials Holding Corp. incurred a net loss of $8.6 million in September, its best showing since entering Chapter 11 bankruptcy protection in June, even though its total sales and gross margin slipped. Investment Fund Blasts BFS' Rights Issue Plans; BFS Files Preliminary ProxyAn investment fund that holds 14.9% of Builders FirstSource shares warned the building material dealer's board it could take legal action to fight a planned $205 million common stock rights offering that would be used in part to pay off IOUs due in 2012. Undaunted, BFS filed a preliminary proxy statement that shareholders would use to vote on the proposed rights offering. Huttig Cuts 3Q Net Loss to $1M; Net sales fell 28% to $131.4MHuttig Building Products Inc. announced today a $1 million net loss in the third quarter, improving markedly from the $7.7 million net loss in the same period last year. The reduced loss came despite a 28% fall in net sales from continuing operations to $131.4 million.
Weyerhaeuser's Wood Products Group Posts $97M 3Q LossWeyerhaeuser Co.'s wood products group incurred a $97 million pretax loss in the third quarter on a 41.5% drop in sales from the year-earlier period to $588 million, the company reported. While still in the red, the wood products group improved its standing from the $162 million pretax loss incurred in the second quarter and the $146 million loss it reported for the July-September period of 2008. New Vice Presidents for Do it BestDo it Best , the Fort Wayne, Ind.-based LBM and hardware co-op, has named Mike Altendorf as its new vice president of technology and Tim Miller as new vice president of marketing. WebbThreads• The Northwestern Lumber Association and the Wisconsin Retail Lumber Association will merge formally on Jan. 1. Wisconsin will continue to have its own annual meeting; the next one will be Feb. 10-11 in Wisconsin Dells, Wis. More Industry/Product Briefs • Fiberon has expanded its distribution agreement with CertainTeed Corp. to promote even more Fiberon decking and railing products. Beginning this week, CertainTeed will tout Fiberon decking that incorporates PermaTech surface technology, along with Fiberon’s primary composite decking product and a complementary PVC composite railing line. Do you have a question, a tip, or a sage piece of wisdom? Feel free to contact ProSales' editor, Craig Webb, at cwebb@hanleywood.com. And don't forget you can find previous ProSales Business Updates online! |
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