American Standard launches DXV brand
American Standard has launched a flagship luxury bathroom and kitchen brand — called DXV, for "Decade 15" — in celebration of its 150-year anniversary.
Starting this spring, more than 70 DXV products will be available exclusively in showrooms across the country. These collections will be curated according to the historical period they evoke: Classic (1880-1920), Golden Era (1920 – 1950), Modern (1950 – 1990) and Contemporary (1990 – present). Within each time period, there will be one or two bathroom fixture suites and complementary faucet collections.
"American Standard has always been an active participant in the ongoing development of product aesthetics and design," said Margaret Monteleone, director of luxury product marketing for American Standard. "In an expression of our true heritage, we have taken the most influential design movements since our founding in 1872 and used them as a framework around which to organize the DXV portfolio of products."
DXV will also be establishing an online and print community for designers and architects to create a forum related to the products and design inspiration in general. An inaugural group of six high-profile designers will kick off the discussion with six unique spaces that incorporate the new DXV products, which they will write about for the DXV website and Decade 15 magazine.
Cedar Creek acquires Reid and Wright
Cedar Creek has made a deal to acquire Reid and Wright, a lumber and building material distributor based in Bend, Ore., with a distribution center in Broomfield, Colo.
According to Cedar Creek CEO Bill Adams, “This is a key addition for Cedar Creek as it brings new customers, quality people and great products that we’ll merge into our current Denver location.”
The agreement is expected to be completed by March 31, 2014.
Cedar Creek COO D. Wayne Trousdale further commented: “We are pleased to further expand our presence in Colorado’s vibrant Front Range market and the surrounding region.”
Cedar Creek is a wholesale building material distribution company with 16 locations covering 25 states.
In May 2010, Cedar Creek was recapitalized by Boston-based Charlesbank Capital Partners, with the goal of providing flexible capital for the company to grow beyond its current trade areas.
Big pay day for retired Black & Decker chairman
Former Stanley Black & Decker chairman Nolan Archibald, who retired from the company in March of last year, received a compensation package totaling approximately $133 million last year, according to an annual proxy SEC filing the company published on Tuesday.
A $51.4 million merger bonus contributed to the unusually high payout, which was "based on the annual run-rate of cost savings achieved by the company" as of his retirement that were attributable to the merger of Stanley and Black & Decker in 2010.
The company reported savings of at least $370 million — in excess of the $350 million goal — attributable to the merger, many of which involved numerous layoffs.
Archibald’s total compensation package also included a pro-rated performance-based salary of $365,000 for the 10 weeks worked in 2013, $334,000 in post-termination life insurance, "other compensation" totaling $441,000 (including $217,000 for personal use of the corporate aircraft), $47.2 million in exercised stock options, $9 million in vesting of stock options and $23.9 million in vesting of restricted stock/RSUs.
In comparison, CEO John Lundgren’s take-home pay came in at $10.7 million including salary, bonus and other compensation, plus another $25.2 million from stock options.
Stanley Black & Decker had no comment for HCN related to the filing.