American Standard to close plant in Brazil
American Standard will close a Queimados, Brazil-based ceramics manufacturing plant in a move to help bolster its kitchen and bath business.
The company expects the move will save about $7 million in costs annually, though the company will incur about $10 million in charges for consolidating its ceramics business in the Americas region over the next two fiscal quarters.
Of those charges, $2 million are related to job elimination expenses for 216 employees of the Brazil operations.
American Standard plans to relocate the ceramics manufacturing business to “more cost-effective locations.”
The company will release second quarter financial results on July 18.
Based in Piscataway, N.J., American Standard manufactures kitchen and bath products under the American Standard and Ideal standard brands; and air conditioning under the Trane and American Standard brands.
True Value owner inducted into Washington D.C. ‘Hall of Fame’
Howard Politzer, owner of Brookland True Value in Washington D.C., has received the Business Legacy Award from the Washington D.C. Hall of Fame Society, a group that recognizes members of the city’s business community.
The legacy award recognizes individuals and establishments that have contributed immensely to the growth and development of Washington, D.C. and changed the course of the District’s history. Hall of Fame Society executive board members voted unanimously to make Brookland True Value its first choice in the nbusinessi category, and Politzer was inducted into its Hall of Fame.
Politzer opened his first True Value in 1975 on Capitol Hill, and in 1981 he relocated the store six miles north to the city of Brookland.
Politzer has served as a member of the Brookland Chamber of Commerce, the Center for Community Development, the MayorIs Golden Washington Club, the Brookland Business and Professional Association and the Pennsylvania and Atlantic Seaboard Hardware Association.
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.