Beacon Roofing announces acquisition
Beacon Roofing Supply has reached an agreement to acquire Cassady Pierce Co., a distributor of residential and commercial roofing products, for an undisclosed sum. Founded in 1947, Cassady Pierce has six locations in the Pittsburgh area and annual sales of approximately $52 million. Closing on the transaction is expected on May 31, 2012.
“Cassady Pierce is an industry leader in Western Pennsylvania and allows Beacon to expand our presence in that very important market beyond our existing North Coast Pittsburgh branch,” said Paul Isabella, Beacon’s president and CEO.
Bill Vernal will remain as Cassady Pierce’s president and become part of Beacon’s regional management team. "Joining Beacon will enable us to grow our business and presents greater opportunities for our employees and customers,” Vernal said.
Builders FirstSource to open Tennessee location
Dallas-based pro dealer Builders FirstSource has announced a new location in Clarksville, Tenn., approximately 40 miles northwest of Nashville. The facility is situated on five acres and includes a 25,000-sq.-ft. warehouse. It will offer lumber, engineered I-joist systems, roof and floor trusses, windows, doors, millwork and various other building products and materials. The scheduled opening date is in early June.
CEO Floyd Sherman said the company is looking forward to expanding its footprint in northern Tennessee and southern Kentucky.
"We are very excited about opening a location in the heart of Clarksville to better serve our growing customer base in the greater Montgomery County market, which continues to be one of the strongest housing markets in the South,” Sherman said.
Builders FirstSource operates 53 LBM outlets and 44 manufacturing facilities in nine states, principally in the southern and eastern United States.
Ply Gem posts 19.5% sales gain
Ply Gem, a manufacturer of windows, siding, and other exterior building products, reported net sales of $239.2 million for its first fiscal quarter of 2012, a 19.5% increase over net sales of $200.1 million during the same period in 2011.
Earnings during the first quarter were $1.2 million compared with a $7.6 million loss for the first quarter of 2011, after excluding $6.7 million of inventory buyback expense in 2011 associated with a significant new customer.
President and CEO Gary Robinette predicted that the recovery will be “slow and choppy for some time.” Because of this, “Ply Gem will continue to focus on maintaining a lean overall cost structure while striving to outperform the market across all of our product categories,” Robinette concluded.
“Our first-quarter net sales growth of 19.5% demonstrates our ability to continue to take profitable market share as well as improved market demand for our products,” Robinette said.