Al Worthing promoted to VP sales/marketing at Andersen
Andersen Corporation has promoted Al Worthing to VP sales and marketing for the Silver Line Division, the company’s vinyl product division based in New Jersey.
“This is an exciting time for Silver Line and Andersen," said Dave Beeken, president, Silver Line Division. "Together, we will be growing and changing in a way that enables both Silver Line and Andersen to improve the experiences of our customers."
Worthing has served in various leadership capacities within Andersen’s sales department, as well as in channel development and integration. His most recent role at the company was as director of Enterprise Sales for the Andersen Division.
Chris Seebode, director of sales, and Andy Karr, senior product marketing manager, will both report to Worthing.
Summit Materials acquires Alleyton Resource
Summit Materials acquired Houston concrete company Alleyton Resource and its affiliate Colorado Gulf, known collectively as Alleyton.
“We are pleased to welcome Alleyton’s management team and its highly skilled and dedicated employees to Summit," said CEO Tom Hill. "Alleyton is a great fit with Summit’s growth strategy and we are excited about expanding our footprint in Texas into the Houston market.”
Alleyton will retain its current management structure and will continue growing its business as part of the Summit group of companies.
“Alleyton is very excited to join Summit," said Alleyton president Todd Barten. "We look forward to jointly growing our business and continuing to provide superior products, quality and service to our many valued customers.”
Alleyton operates five sand and gravel sites and seven ready-mix concrete plants in Houston.
M&A activities weigh on SWK Q4 earnings
Stanley Black & Decker’s fourth-quarter earnings dropped 89% on a year-ago basis, due in large part to its mergers and acquisitions activities.
"During 2013 we made significant progress driving organic growth throughout the organization and the fourth quarter was no exception as the momentum continued from our organic growth initiatives," said chairman and CEO John Lundgren. "As we move into 2014 it is important to note that our long-term strategy and financial objectives remain intact. We are, however, focused on executing previously announced operating and capital allocation actions to boost returns in the near term. These actions demonstrate our commitment to drive sustainable improvements to the companys cash flow return on investment and drive shareholder value."
Net earnings for the company were $56.1 million for the fourth quarter, down dramatically over last year’s $492.1 million in income. Total earnings for 2013 came in at $490.3 million, nearly half of 2012’s $883.8 million.
Net sales for the quarter came in at $2.91 billion, up 9% over last year. Similarly, full-year revenues increased 8% to $11.0 billion.
SVP and CFO Donald Allan Jr. added that Stanley’s 2014 outlook would see a significant reduction in M&A charges, with an organic growth rate of approximately 4%.
"In addition to continuing to drive organic growth and improving security margins, enhancing our operating leverage is a key priority for 2014," said Allan. "The financial drag from the growth investments made in 2013 is mostly behind us and we will tightly manage SG&A expenses."