Beacon acquires Denver roofing company
Beacon Roofing Supply, the Peabody, Mass., distributor of roofing and other housing exterior materials, has announced the acquisition of Fowler & Peth, a distributor of residential and commercial roofing products and related accessories headquartered in Denver.
Founded in 1948, Fowler & Peth has six locations in Colorado, two in Wyoming and one in Nebraska. Annuals sales are approximately $60 million.
Kurt Peth, co-owner of Fowler & Peth, said in a prepared statement: "Joining Beacon will enable Fowler & Peth to grow our business more quickly and presents greater career growth opportunities for our employees. We are excited about our future with Beacon, which shares our core corporate values."
Paul Isabella, Beacon’s CEO and president, emphasized the strategic fit of the acquisition and the compatibility of the two companies. “Fowler & Peth allows Beacon to expand our presence in the very important Denver market beyond our existing Denver branch and to serve customers in the surrounding states. Fowler & Peth is a key component to Beacon’s westward expansion plans and will be a gateway to further geographic growth for our company.”
Beacon Roofing Supply is a leading distributor of roofing materials and complementary building products operating 194 branches in 38 states in the United States and across Canada.
TW Perry accepts Pro Dealer of the Year award
San Antonio — TW Perry accepted the 2011 Pro Dealer of the Year award last week during the ProDealer Industry Summit held here at the Grand Hyatt San Antonio.
"We didn’t win this award by ourselves," said TW Perry CEO Michael Cassidy, in his acceptance speech. "Without all this support, without all the mentors and vendors and people who helped teach us over the years, we wouldn’t be here."
Cassidy’s speech stressed the value of corporate culture, the importance of mentors and the close-knit nature of the LBM industry.
The awards dinner was sponsored by Weyerhaeusuer. Before calling Cassidy to the stage, Weyerhaeuser’s Clarence Wilkerson, VP national accounts, described TW Perry as a "huge influencer" for the industry and a good customer in the Washington, D.C., market. He also congratulated TW Perry for entering into an "elite club" of companies that have been operating for a century or more. The club includes Weyerhaeuser, which was incorporated in 1900.
Gaithersburg, Md.-based TW Perry was founded in 1911 and has seen a long history of innovation. One of the most dramatic changes came in the late 1990s, when the company decided to turn its emphasis away from the DIY customer and toward the remodeler and contractor.
"I’ve worked in a bunch of other industries, and I have never seen an industry like this one in regard to our willingness to coach and support each other," Cassidy said.
The 2011 ProDealer Industry Summit was hosted jointly by Home Channel News and the National Lumber and Building Material Dealers Association (NLBMDA).
Net earnings decline at Weyerhaeuser
Federal Way, Wash.-based Weyerhaeuser reported net earnings of $157 million for the third quarter, compared with net earnings of $1.12 billion in the same period last year. Third-quarter net sales from continuing operations were $1.6 billion, up 6.7% from $1.5 billion in the third quarter of 2010.
“All of our businesses faced challenging markets in the third quarter, as the U.S. housing market languished and we experienced a slowdown in demand from China,” said Dan Fulton, president and CEO. "We remain focused on improving performance with today’s level of demand, while being prepared to flex all of our operations as markets improve."
Discontinued operations include the company’s hardwoods and Westwood Shipping Lines businesses, which were sold in the third quarter.
The Timberlands segment saw earnings declined $50 million in the third quarter compared with the second. Results from continuing operations of the Wood Products segment improved $10 million compared with the second quarter, as reduced log costs were partially offset by slightly lower sales volumes across most product lines. Third-quarter earnings of the Cellulose Fibers segment improved $55 million compared with the second quarter. The Real Estate segment’s earnings increased $2 million compared with the second quarter.