Armstrong World Industries closes Tectum deal
Armstrong World Industries, Inc. has wrapped up its previously announced acquisition of Tectum, Inc., a 65-year-old, Ohio-based manufacturer of acoustical ceiling, wall and structural solutions for commercial building applications.
"This acquisition supports our two dimensions of growth – selling more solutions into every space and selling into more spaces – and Tectum will play an important role in each of these dimensions," said AWI CEO Vic Grizzle. "Acquisitions like Tectum help to accelerate our penetration of the Architectural Specialties segment and provide our customers access to the broadest product portfolio in the industry complemented by a full suite of integrated solutions designed to save time and labor during the construction process."
Tectum has annual revenues of over $25 million, as well as two facilities in Newark and Columbus, Ohio.
Tectum products will be sold through AWI's Architectural Specialties business, under the Ceilings Solutions umbrella.
"The Tectum product portfolio supports our focus on delivering innovative ceiling solutions valued by our customers," said AWI Ceiling Solutions SVP Charlie Chiappone. "Our enthusiasm for the Tectum product line and technologies goes well beyond the current portfolio. The next generation of Tectum products will transform how designers integrate these sustainable solutions into every space. We look forward to welcoming Tectum employees to our team to realize this potential."
The financial terms of the transaction were not disclosed, but the company expects to fund the acquisition with available cash.
Lowe’s gets a new CFO
Lowe's Companies has promoted Marshall Croom to the role of CFO, replacing Robert Hull Jr., who is retiring after 17 years with the company.
Croom, a 20-year Lowe's veteran, will assume his new title effective March 3, reporting to chairman, president and CEO Robert Niblock. Hull will remain at Lowe's through March to ensure a smooth transition period.
In his new role, Croom will oversee accounting, tax, treasury, investor relations, and financial planning and analysis. He will also continue to lead internal audit and enterprise risk management, areas he has managed since 2009.
"Marshall brings over 30 years of financial and operational experience to his new role and, importantly, possesses a deep understanding of virtually every facet of Lowe's," Niblock said. "We have confidence in Marshall's proven leadership as we continue to focus and invest in the areas that meet consumers' evolving expectations. We look forward to a smooth transition, given our CFO succession planning process."
Croom has held the role of chief risk officer for the past eight years, providing oversight and direction for the management of all material risks across the company, including enterprise risk management, internal audit, project and process management, quality assurance, information security, loss prevention and workers' compensation.
Prior to leading the risk organization, he held several leadership positions in finance, including senior vice president of finance, treasurer and assistant treasurer, including responsibility for investor relations and tax.
In addition, he served for three years as senior vice president of merchandising and store operations support.
Niblock added, "At the same time, we want to thank Bob for the many contributions he has made to the organization, including 14 years as our CFO. He played an integral role in the growth and success of Lowe's transformation to an omni-channel home improvement company. We appreciate all that he has done for our company and wish him the best with his next chapter."
Hull said, "My time at Lowe's has been extraordinary and I feel privileged to have worked with people who are so passionate about serving others. I look forward to working closely with Marshall to successfully transition my responsibilities."
Next Big Thing: Appliance repairs via smartphone
Sears Home Services is rolling out a new program that will enlist smartphones in the battle against faulty appliances.
Sears Home Services is teaming up with the GoToAssist team to allow technicians to share live video and photos of the situation with a master technician at the company's service center in Round Rock, Texas.
This ultimately helps appliances to get fixed faster and more conveniently for customers.
Sears Home Services technicians repair more than 180 appliance brands – not just those sold by Sears. In the event these technicians face an unfamiliar appliance issue, they can now show remote master technicians exactly what they see and receive step-by-step instructions to complete the repair – all without leaving the customer's home.
"No one likes taking time out of their busy schedules for their appliances to be repaired, especially if it takes longer than anticipated or requires multiple service appointments," said Sean Skelley, president of Sears Home Services. "Now our technicians can use their smartphones to livestream video and photos of appliance problems to our most experienced experts who can coach them toward a solution and get your appliance up and running again quickly. It's like they have master technicians in their pockets."