Beacon Roofing CFO to retire
David Grace, the executive VP and chief financial officer of Beacon Roofing Supply, will retire effective Jan. 1, 2013, for health reasons. A nationally recognized executive recruiting firm is conducting a search for his successor. Grace will remain in his current role until a new CFO is named and has also agreed to devote as much time as necessary to ensure a seamless transition.
Grace joined Beacon as an accountant in 1987, when it operated only three branches, and served in positions of increasing responsibility until he was named CFO in 1997. He was most recently promoted to executive VP on Jan.1, 2011. In addition to leading Beacon’s financial organization, Grace also oversees information technology and investor relations.
Paul Isabella, the company’s president and CEO, stated: "Throughout his 25-plus years of service to Beacon, Dave has been a key part of the company’s tremendous growth and success, including the completion of our 2004 IPO, a secondary offering in 2005, and many debt financings and acquisitions. He has built strong finance and IT teams and a disciplined financial culture that will serve the company well in the years ahead. Although we certainly will miss Dave’s leadership and guidance, we understand and appreciate his decision that his health and family are his main focus at this time. We are grateful that Dave will continue to lead his departments until we transition to his successor.”
Beacon Roofing Supply is a leading distributor of roofing materials and other exterior building products. Headquartered in Peabody, Mass., the company operates 206 branches in 38 states in the United States and across Canada. It listed in 4th place with $1.9 billion in sales on the 2012 HCN Pro Dealer Scoreboard.
TW Perry opens Design Center
Gaithersburg, Md.-based lumberyard company TW Perry opened a Design Center in Gaithersburg, reflecting a major new design emphasis for the five-unit pro dealer.
While each of TW Perry’s locations offer showrooms, the Design Center offers an enhanced visitor experience. According to the company, “The focus is to provide a gallery of distinctive products; where builders, architects, designers and their clientele meet in a creative environment for their product selection process. The Design Center includes the expertise of experienced, factory-trained window and door consultants and custom millwork specialists.”
The new center will also host educational courses for architects, builders and homeowners.
Among the featured products: LePage Windows & Doors, “The Architectural Collection” by Andersen, Lincoln replacement windows, TruStile Doors and TW Perry’s custom doors. Custom millwork products displayed include: mantels, columns, pergolas & mouldings by the TW Perry Mill Shop. Crown Stair Systems by TW Perry complete the millwork offering.
Open weekdays from 8 a.m. to 5 p.m. (and extended hours by appointment), the new Design Center is located at 8131 Snouffer School Rd. in Gaithersburg.
The five-location Washington, D.C.-area lumberyard chain based in Gaithersburg, Md., was recognized in 2011 as the Home Channel News Pro Dealer of the Year.
USG to invest in Oman drywall plant
USG Corp. has announced it will invest $60 million in a strategic partnership with the Zawawi Group of Oman to meet the growing demand for its wallboard products in the Middle East and India. The money will be invested over two years, with the majority in 2012.
“This is an important step forward in our strategic initiative to diversify the sources of USG’s earnings by investing in higher-growth international markets,” said James Metcalf, chairman, president and CEO. “The market in India and more broadly in the Middle East represents an attractive growth opportunity.”
The first phase will be the establishment of a mining joint venture through which USG will acquire 55% of Zawawi Gypsum, which holds the mining rights to a gypsum quarry in Salalah, Oman. The joint venture will develop infrastructure and operate the quarry. Salalah has shipping access to many ports on the Indian coast and will provide gypsum to future USG wallboard plants, as well as to cement manufacturers in the region. Quarry mining operations are targeted for startup in the third quarter of 2013.
The second phase of the partnership will be a 50/50 manufacturing joint venture with Zawawi Minerals to build and operate a new low-cost wallboard plant in the Salalah Free Zone, Oman. The Free Zone in Oman is an enterprise zone that has been operational for three years and has attracted in excess of $4 billion in investments from international companies. The plant site is in close proximity to the gypsum quarry and port facilities, facilitating efficient access into markets in India and the Middle East. The target for commencement of wallboard production operations is the fourth quarter of 2013.
Chris Griffin, executive VP operations, said: “Through the joint ventures, we believe that we can enhance our success in India by securing the strategic gypsum rock source in Oman, and cost-effectively shipping products to India, thereby accelerating USG wallboard penetration in the region. USG’s strong brand recognition and state-of-the-art technology combined with Zawawi’s local strength, resources and management expertise should contribute to increased sales and profitable growth for both organizations.”
USG also announced that it is exploring strategic alternatives for its wholly owned European operations, including their possible sale. Those businesses include the manufacture and distribution of ceiling grid systems and finishing compounds throughout Europe and Russia.
Headquartered in Chicago, USG Corp. is a manufacturer and distributor of building products through United States Gypsum Company, USG Interiors, and L&W Supply Corp. and other subsidiaries.