ABC Supply expands in Ohio
Building products distributor ABC Supply Co. Inc. has acquired the assets of Capstone Supply, LLC, a distributor of exterior building materials, primarily roofing and siding.
Capstone Supply has two locations. The first is at 3550 E. Seventh Ave. in Columbus, Ohio, and will be consolidated with ABC Supply’s Columbus branch at 3920 Groves Road. The second Capstone Supply location is at 4672 Paddock Road in Cincinnati, Ohio, and will become an offsite warehouse for ABC Supply’s Cincinnati branch located at 4860 Spring Grove Ave. Many of Capstone Supply’s associates will take new roles with ABC Supply.
Capstone Supply was founded by Leo Ruberto in 2014. Ruberto also owns Feazel Inc., a roofing contractor firm based in Ohio.
The company says its acquisition of Capstone Supply increases and strengthens its team and builds on long-term relationships with contractors in the Columbus and Cincinnati markets.
“In a short time, Capstone Supply’s team established a great reputation with builders throughout Ohio,” said Tom Kuchan, VP of ABC Supply’s Northeast Region. “By welcoming these associates to the ABC Supply family, we’ll build on their momentum and continue to support contractors as they run and grow their businesses.”
Financial terms of the deal were not released.
ABC Supply has more than 700 locations across the country. Prior to Capstone, its most recent expansion was in Colorado Springs where it opened a new location in May. Also in May, the company opened a branch in Vancouver, Washington.
In November of last year, the company cemented its acquisition of L&W Supply and its 136 branches.
A softened stance on softwood lumber?
Lumber dealers hoping for an agreement between the U.S. and Canada over softwood lumber imports received mixed signals on Monday. In the first news flash, products from three eastern provinces of Canada were excluded from the U.S. investigation into possible dumping or subsidizing of exports.
But that's about where a softer stance on imports ends. Also on Monday, the Commerce Department said it moved closer to imposing anti-dumping dutes on Canadian softwood lumber imports. In accordance with Monday's "affirmative preliminary determination," the new duties range from 4.59% to 7.72%, and they push total duties on the imported products into a range from about 17% to just over 30%.
"The United States is committed to free and fair trade, as seen today with the preliminary decision to exclude softwood lumber from the Canadian Atlantic Provices in the ongoing antidumping and countervailing duty cases," said Secretary Wilbur Ross. "While I remain optimistic that we will be able to reach a negotiated solution on softwood lumber, until we do we will continue to vigorously apply the AD and CVD laws to stand up for American companies and their workers."
Back in April, the U.S. announced a plan to slap tariffs of about 20% on Canadian lumber, a move criticized by the National association of Home Builders, among others. Some lumber dealers have expressed concern over the availability of lumber to fuel a housing recovery, plus the price volatility that the uncertainty fosters.
In 2016, imports of softwood lumber from Canada were valued at an estimated $5.66 billion, according to Commerce Department figures.
The Department of Commerce is currently scheduled to announce its final anti-dumping determination on Sept. 7, 2017.
On Monday, the Commerce Department announced softwood lumber products produced in the provinces of Newfoundland and Labrador, Nova Scotia, and Prince Edward Island are excluded from the investigation. The decision is preliminary.
“I am pleased to announce that my staff has determined the exclusion of these products is appropriate,” said Ross. “The U.S. petitioners and other parties support this determination; it of course will be subject to further comment on the record. A final decision on the matter is expected by late summer."