United Kingdom-based Wolseley, the parent of American pro dealers Stock Building Supply and Ferguson, has delisted from the New York Stock Exchange, effective Dec. 31.
The move was meant as a cost-saving measure, said Wolseley CFO Steve Webster. “This decision is entirely consistent with our objective of simplification as it reduces costs and complexity without in any way detracting from the integrity of our governance and control procedures,” he said.
The move also means Wolseley terminates its reporting obligations under the Securities Exchange Act. The company will continue to trade shares on the London Stock Exchange. In the United States, Wolseley’s shares will continue to be traded on the over-the-counter market.
Wolseley said in late November it would eliminate 1,300 more positions at Stock Building Supply and plumbing supply company Ferguson, following a round of 1,500 layoffs in the prior fiscal quarter.
Wolseley also made a 3,500 headcount reduction over the last year in its United States’ operations. Wolseley’s U.S. results have been affected by the decline in the U.S. housing market, as well as falling consumer confidence and a weakening U.S. dollar, the company said.
Still, the company said it will remain firmly planted in the U.S. market.
“Our business strategy remains the same, and North America is, and will continue to be, a key market for Wolseley; it currently accounts for approximately 50 percent of group revenue,” the company said.