American Standard approves company name change
Shareholders of American Standard have approved an amendment to the company’s certificate of incorporation to change its name to “Trane.”
Trane is the company’s heating, ventilation and air conditioning business. In July, the company announced it would sell its iconic American Standard bath and kitchen business to Bain Capital Partners for $1.75 billion.
Bain Capital Partners is a global private investment firm – most recently, Bain Capital was one of four private investment firms to purchase Home Depot’s HD Supply unit.
Earlier, the company said it also would spin off its WABCO vehicle control business, in favor of focusing on the more well-known Trane HVAC business. The company still manufactures air conditioning systems under the American Standard brand.
Last year, the company’s HVAC business generated sales of $6.8 billion, according to the company.
Pro-Build purchases Alpine Lumber Supply
Pro-Build Holdings has announced the purchase of Alpine Lumber Supply, a pro dealer serving the Coeur d’Alene, Idaho, market from two locations, in Sandpoint and Post Falls. The terms of the deal have not been disclosed.
Founded in 1978, Alpine Lumber is a full-service lumberyard known for specialty wood products as well as decking, fencing, and siding. It operates a kitchen design center and millwork showroom. The company also installs windows, doors, stairways, tub and shower enclosures, mirrors, and closet systems.
Alpine Lumber will join Pro-Build’s existing operations in Coeur d’Alene and Spokane. “The addition of these teams will allow us to enhance our reach into the northern Idaho market as well as expand our installed services offerings,” said David Dittmer, president of the Pro-Build West region.
The largest pro dealer in the United States, Denver-based Pro-Build operates more than 520 locations in 40 states. Sales in 2006 were $5.1 billion.
KB Home records $35.6 million in losses
Los Angeles-based KB Home was hit with a tough third quarter, showing $35.6 million in net losses compared with earnings of $153 million in last year’s second quarter.
Sales dropped 32 percent to $1.54 billion from $2.28 billion in the year-ago period.
“Our third-quarter results reflect the seriously challenging market conditions that prevail for homebuilders across most of the nation,” said Jeffrey Mezger, president and CEO. Mezger said a combination of tough factors has made selling homes much more difficult — including an oversupply of unsold homes and resale homes, “downward pressure’” on home values, tightened lending standards, high foreclosure rates and greater buyer caution.
The company incurred $690.1 million in charges related to inventory and joint venture impairments and the abandonment of land option contracts.
“Despite the disappointing third-quarter loss, we are making steady progress on strengthening our balance sheet and aligning our operations and investment strategy with current market conditions and our longer-term expectations for the business,” Mezger said.
KB Home is one of country’s largest homebuilders, with operating divisions in 15 states.