Acquisition of Rinker nears completion
Rinker Materials, a top distributor of non-lumber building materials in the United States, with $4.5 billion in sales last year, will soon become part of Cemex, North America’s largest cement producer.
Cemex has purchased more than 90 percent of the shares of Rinker Group Ltd., Rinker’s Australian parent company, clearing the way for the cement supplier to acquire the rest of the company without consent.
Cemex, based in Monterrey, Mexico, placed an unsolicited $14 billion bid for all of Rinker’s shares earlier this year. In June it won majority control over Rinker’s board of directors and replaced them with its own appointees. The Rinker acquisition will further increase Cemex’s share of the U.S. concrete market.
Headquartered in West Palm Beach, Fla., Rinker Materials sells cement, asphalt, pipe, tools, drywall, steel framing and other construction materials. It generates approximately 80 percent of its parent company’s revenues.
Fastenal net earnings up in Q2
Fastenal, the chain of industrial and construction supply stores, saw net earnings rise 17 percent to $60.3 million from $51.5 million in last year’s second quarter.
Net sales totaled $519.7 million, an increase of 13.3 percent over $458.8 million last year.
The company reiterated its intention to focus less on growing stores, which it called the “primary growth driver” in previous years, and more on adding outside sales personnel into existing stores.
Additionally, Fastenal said rising fuel costs in the second quarter partially cut into profit.
Winona, Minn.-based Fastenal owns and operates 2,000 stores in 50 states.
Executive appointment at Tim-Br Marts
Canadian buying group Tim-Br Marts has hired Jacques Deschnes to the new position of building products category manager.
Deschnes will oversee a number of key building material programs, including siding, roofing, insulation and drywall.
Prior to Tim-Br Marts, Deschnes worked as a purchasing agent in the manufacturing and modular home building industries. Fluent in French, he will serve as a liaison with Tim-Br Marts dealers and suppliers in Quebec.
The buying group includes independent retailers, commercial dealers and manufacturers in the Canadian home-improvement industry. Tim-Br Marts represents more than 600 member locations across Canada, with $2 billion in annual purchases and more than $3.4 billion in retail sales.