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With acquisition, PrimeSource points to U.S. jobs

BY HBSDEALER Staff

Irving, Texas-based PrimeSource Building Products has announced the acquisition of Progressive Steel and Wire. In doing so, the building material distributor says its paved the way for more U.S. jobs.

PSW was previously part of a joint venture between Dubai Wire and PrimeSource, but with PrimeSource now taking 100 percent ownership and control, the company says it intends to bring nail and wire product manufacturing back to the US, creating new local jobs.

“We are excited to meet the demand for high quality, domestically produced collated nails by taking full ownership of Progressive Steel and Wire,” the company said in a joint statement from Ken Fishbein and Mona Zinman, co-chief executive officers of PrimeSource Building Products. “Our goal is to bring nail and wire product manufacturing back to the USA and to create more jobs here at home.” 

Progressive Steel and Wire LLC is currently reformatting its Dallas-based nail production facility which is expected to result in a broader mix of products. All products manufactured in this facility and future facilities will be available exclusively through the 42 distribution centers of PrimeSource across North America.
 
In addition to the more than 100 new jobs created in the Dallas location, PSW plans to open additional production plants in strategic locations throughout the United States and Canada, the company said. 

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VOLT Lighting gets a new West Coast DC

BY HBSDEALER Staff

Tampa, Florida-based VOLT Lighting, a direct-to-consumer e-commerce lighting manufacturer, is making moves on the West Coast via the opening of a new distribution center in Las Vegas.

The new facility, which is fully stocked and staffed, will make 1- to 3-day ground shipping possible for the company’s West Coast customers.

"Our company is committed to the best-possible customer service – that includes fast fulfillment and shipping" said Richard Ferraro, director of operations. "Filling orders quickly has always been a priority, so we make sure that products are in stock and that orders ship the same day as received."

The new distribution center will house the entire product line, which includes solid brass LED landscape lighting fixtures, transformers, wire and other landscape lighting system components.

With distribution centers now on both coasts, customers will have the option to elect next-day shipping, and most shipments can be delivered within 48 hours.

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China Ceramics accused of violating Securities Exchange Act

BY HBSDEALER Staff

An investor of China Ceramics Co, Ltd. has filed a federal securities fraud class action complaint against the company, citing misleading statements that allegedly violated the Securities Exchange Act of 1934, according to Robbins Arroyo LLP.

The complaint, filed in the U.S. District Court for the Southern District of New York, maintain that China Ceramics misled investors between March 30, 2012 and May 1, 2014.

The NASDAQ Stock Market halted trading for China Ceramics on May 1, requesting additional information. The company then announced that its financial statements for the year ended Dec. 31, 2013 were incomplete. It also revealed that its principal registered public accountant, Grant Thornton, was fired on April 30. A new accounting firm had been employed to audit its financial statements for 2013, 2012 and 2011.

According to Robbins Arroyo, China Ceramics also neglected to disclose the risk associated with substantial write-downs of company assets, which culminated in an estimated $7.5 million asset write-down for the fourth quarter of 2013.

At the moment, trading on the stock market has yet to resume for the company.

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