PRO GROUP NAMES HEIDI WODARK CONTROLLER
Heidi Wodark joined PRO Group as controller. An experienced controller, Wodark previously held positions of systems controller for a $180 million company and served as business unit controller for an $800 million Information Technology Consulting Company. Her background also includes many years as controller in the Luxury Athletic Club industry. Wodark is a native of Denver. She has an undergraduate accounting degree from Southern Methodist University and a Masters Degree in Accounting from the University of Colorado. Full Press Release
NBMDA PARTNERS WITH VISTAGE INTERNATIONAL
The North American Building Material Distribution Association (NBMDA) announced the expansion of its relationship with Vistage International, a CEO membership organization that provides leadership training and peer counseling. Under the agreement, Vistage will work with the NBMDA on strategies to help industry executives grow their businesses through educational sessions, one-on-one coaching sessions and other collaborations.
VERMONT AMERICAN CELEBRATES 60 YEARS
What started as a fledgling business with one customer, Sears Roebuck & Company; one product, a circular saw blade; and one plant, the old American Elevator plant in Louisville has since grown into one of the most recognizable brands in power tools accessories, Vermont American. Vermont American has produced quality products for professional tradesmen and Do-It-Yourselfers alike since 1947. In 2000, the Vermont American brand was purchased by the Robert Bosch Tool Corporation. Vermont American brand products are designed by a dedicated engineering and design team located in Mt. Prospect, Illinois.
Vermont American proudly sponsors the Unmet Needs Program, which helps military families across the nation that encounter financial difficulties due to deployment. Visit www.unmetneeds.com for more information. As of July 2007, Unmet Needs had distributed more than $1.6 million dollars to 1,150 families across the country in the form of grants. For online information about Vermont American or its products, visit www.vermontamerican.com.
NRHA ELECTS NEW OFFICERS, DIRECTORS
The North American Retail Hardware Association (NRHA) elected new officers and directors at its 2007 Annual Meeting in Orlando, Florida. Richard Thomes of Arlington, Minnesota is the association’s new president. Thomes is the owner of Thomes Bros. Do it Best Hardware and Appliance in Arlington. Ned Green of Weider’s PRO Hardware in Honeoye Falls, New York, a 2006 PRO Retailer of the Year, was also elected to the Board. Source: Hardware Retailer – September/October 2007.
STANLEY WORKS BOARD NAMES NEW MEMBER
Stanley Works has named Carlos Cardoso, president and CEO of metal products company Kennametal, to its board of directors. Cardoso, 49, joined Kennametal in 2003 as chief operating officer prior to being promoted to his current position in 2005. Prior to his time at Kennametal, Cardoso was president of the Pump Division of Flowserve Corp., a $1.3 billion operation.
STANLEY THIRD QUARTER SALES UP 12 PERCENT
Stanley Works reported net sales for the third quarter increased 12 percent to $1.13 billion. Net earnings for the period increased to $91.4 million from last year’s $90.5 million. “We were able to deliver solid earnings and cash flow results this quarter in spite of the challenging environment in U.S. Construction and DIY,” said John F. Lundgren, chairman and CEO. Full Financial Report
WAL-MART PROVIDES UPDATE
Wal-Mart Stores, at its annual Analyst and Investor Meeting, updated its plans for growth and provided details about its worldwide expansion plans. Total capital spending for the current fiscal year 2008 is expected to be approximately $15 billion, down from $15.7 billion last year. Looking forward, total capital spending will flatten. Declines in capital spending at Wal-Mart Stores U.S. will be offset by increases at Wal-Mart International, resulting in worldwide spending of $14 to $15 billion in each of the next two years, according to the company.
FORMER MAYTAG EMPLOYEES PLAN STARTUP
A group of Maytag engineers, who will be affected by Whirlpool’s plan to close a large portion of its Iowa-based Maytag operations, have announced they will start a new industrial development company to be called Springboard Engineering. According to a report by the Associated Press, the group has secured a 40,000-square-foot building in the Des Moines area. Springboard Engineering will develop plastic injection molds and fabricate prototype sheet metal. Whirlpool announced several restructuring plans last year, following its acquisition of former rival Maytag. Some operating changes included eliminating 4,500 jobs and closing three factories in Iowa, Illinois and Arkansas. The company also added 400 new jobs in Michigan and 1,100 jobs in Ohio. Whirlpool is based in Benton Harbor, Mich., and markets products under brands including Amana, Whirlpool, Maytag, KitchenAid, Jenn-Air, Brastemp and Bauknecht.
NEWELL RUBBERMAID THIRD QUARTER SALES UP 6.4 PERCENT
Newell Rubbermaid this morning reported net sales for the third quarter ended September 30, 2007 increased 6.4 percent to $1.687 billion from $1.586 billion in the year-ago period. Net income for the quarter increased to $170.2 million from last year’s $108.5 million. Full Financial Report
3M REPORTS THIRD QUARTER SALES UP 5.5 PERCENT
3M has reported record third quarter sales of $6.2 billion, an increase of 5.5 percent over last year. Net income for the quarter increased 7.4 percent to $960 million.Full Press Release
BLACK & DECKER SALES UP, EARNINGS DOWN
Black & Decker reported net earnings for the third quarter ended September 30 of $104.6 million, down from $125.1 million for the same quarter last year, a 16 percent loss. Net sales for the quarter were $1.63 billion, up 1.5 percent from third-quarter 2006 sales of $1.61 billion.
U.S. HOUSING STARTS UNEXPECTEDLY CLIMB
U.S. housing starts unexpectedly rose 3 percent in October -- the biggest gain in eight months, the Commerce Department reported. The jump was attributed to increased activity in the condominium market, which offset the weakest construction of single-family homes since 1991. Builders broke ground on 1.229 million homes last month. Construction of single-family homes dropped 7.3 percent, while multi-family home construction jumped 44 percent. In addition, building permits were down 6.6 percent to 1.178 million, the lowest level in 14 years and below the 1.2 million units economists had projected. Further, foreclosures doubled in September from a year earlier as subprime borrowers struggled to make payments on adjustable-rate mortgages.
Full Report
BUILDER CONFIDENCE UNCHANGED IN NOVEMBER
Builder confidence in the market for new single-family homes remains unchanged in November, attributed to ongoing mortgage market problems, overflowing home inventories and ongoing concerns about the negative impact of media coverage, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released Nov. 20.
The November HMI held even with October’s upwardly revised 19 reading, its lowest point since the series began in January 1985. Full Story
EXISTING HOME SALES FALL 8 PERCENT
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.0 percent to a seasonally adjusted annual rate of 5.04 million units in September from a downwardly revised pace of 5.48 million in August, and are 19.1 percent below the 6.23 million-unit level in September 2006, according to the latest report from the National Association of Realtors (NAR). The third quarter finished better than expected, with a 5.42 million annual rate of existing-home sales versus the 5.38 million forecast by NAR. Full Report
TRUE VALUE REVENUE DOWN 3.9 PERCENT
Chicago-based True Value reported sales of $478.5 million for the third quarter, down 3.9 percent from $497.9 million for the same period in 2006. Third-quarter profit levels were in line with the company’s plan, according to True Value. Full Story
PHILIPS TO ACQUIRE LIGHTING FIXTURES MAKER GENLYTE
Royal Philips Electronics, one of the world’s largest manufacturers of light bulbs, will acquire lighting fixtures maker Genlyte Group in a $2.7 billion deal. According to Bloomberg, this is Philips’ largest acquisition ever in terms of cost. Genlyte Group, based in Louisville, Kentucky, makes fixtures under numerous brand names including Alkco, Lite-Energy, Nessen and Morlite.
HOME DEPOT CHIEF MARKETING OFFICER RESIGNS
Home Depot announced that Roger Adams, chief marketing officer, has resigned his position to pursue other opportunities. John Ross, vice president of advertising, will take on the additional responsibilities of interim chief marketing officer.
HD SUPPLY NAMES HEAD OF CONSTRUCTION BUSINESS
HD Supply, the former professional division of Home Depot that was sold earlier this year to a group of investment firms, has announced Tom Lazzaro will assume leadership of the company’s White Cap Construction Supply. Lazzaro currently serves as president of HD Supply’s interiors business, a role he will continue to hold. He replaces Brian Etter. HD Supply also announced it had named Mark Jamieson senior vice president and CFO. Jamieson most recently served as executive vice president and CFO for Ryder Systems.
HD SUPPLY SCALES BACK IN FLORIDA
The ongoing housing crunch prompted HD Supply to scale back its new plant in Port St. Lucie, Florida, the Palm Beach Post reported. Rather than expanding the 223,000-square-foot lumber and building materials plant, which opened in August, to create 100 jobs, the Orlando-based building materials supply company decided to hold the number of employees at 10.
DEERE REPORTS 52 PERCENT PROFIT INCREASE
Farm equipment maker Deere & Co. said its fourth-quarter profit rose 52 percent as strong worldwide agricultural sales more than offset declines in other sectors resulting from the U.S. housing downturn. The Moline, Illinois based company reported net sales of $6.14 billion for the fourth quarter, representing a 20 percent increase over the same period last year. Company shares rose after fourth quarter results exceeded analysts’ profit and sales estimates. Company equipment sales are projected to increase by about 12 percent for fiscal 2008 and to be up roughly 25 percent for the first quarter.
Full Story
LOWE’S REPORTS THIRD QUARTER EARNINGS
Lowe’s Companies, Inc. reported net earnings of $643 million for the quarter ended November 2, 2007, a 10.2 percent decline over the same period a year ago. Diluted earnings per share declined 6.5 percent to $0.43 from $0.46 in the third quarter of 2006. For the nine months ended November 2, 2007, net earnings declined 3.7 percent to $2.40 billion while diluted earnings per share declined 0.6 percent to $1.58.
Full Report
OBITUARY:
HAROLD LEVITON - LIGHTING INDUSTRY INNOVATOR
Harold Leviton, chairman and CEO of Leviton Manufacturing since 1965, died September 8. He was 90 years old. Born in 1917 in Brooklyn, New York, Leviton grew up in the family business. Under his 42-year-long leadership, Little Neck, New York-based Leviton Manufacturing grew to become one of the leading companies in the electrical industry. He is survived by his wife of more than 65 years, Shirley; daughters, Patricia, Adrienne and Elizabeth; grandchildren; great-grandchildren; and sons-in-law, Donald J. Hendler and Steven B. Sokolow, both of whom sit on the company’s board of directors and hold senior executive positions with Leviton.
OPPORTUNITY
“Be ready when opportunity comes...Luck is the time when preparation and opportunity meet.”
-Roy D. Chapin Jr.
|
