Beazer appoints CEO, VP and CFO
Atlanta-based Beazer Homes has named Allan Merrill as president and CEO. He has also been elected to the board of directors. Robert (Bob) Salomon has been appointed executive VP and CFO.
Merrill succeeds Ian J. McCarthy, who is leaving the company and has resigned from the board of directors. He has more than 20 years of experience in the home-building and residential real estate industries in various executive positions. Merrill has been Beazer’s chief financial officer for the past four years. Prior to joining the home builder, he held leadership roles with Move Inc. Previously he worked for Dillon Read & Co. and its successors, including UBS.
Salomon has more than 25 years of financial management experience, including more than 19 years in the home-building industry. He joined Beazer Homes in 2008 as the chief accounting officer. Prior to joining Beazer, he was chief financial officer and treasurer of Ashton Woods Homes and served with MDC Holdings in various accounting and finance roles.
"We are pleased that Allan and Bob have accepted these appointments. Both possess many years of industry experience and have demonstrated a commitment to the success of our stakeholders,” said Brian Beazer, the company’s chairman.
Floor tile manufacturer finds use for old drywall
Mannington Mills, a 96-year-old flooring company headquartered in Salem, N.J., has found a way to incorporate vinyl tile scraps and recycled drywall into its manufacturing process in an effort to generate less waste, according to an article in the Philadelphia Inquirer.
The family owned company, now operated by fourth-generation chairman Keith Campbell, uses 190 lbs. of recycled materials in their products for every 100 lbs. of waste generated through their manufacturing, according to the article.
The powered drywall comes from demolition and construction sites and replaces limestone at the base of tiles. Recycled paper is used on the backs of vinyl flooring. Vinyl scraps are also ground up and reused. The company has received several awards from local and state environmental groups.
Mannington has factories and warehouses in six cities across the United States, and produces resilient, laminate, hardwood, porcelain and ceramic tiles for the residential and commercial markets, as well as commercial carpet and rubber flooring.
Sales increase at HD Supply
HD Supply has reported net sales for its fiscal 2011 first quarter were $1.88 billion, an increase of 4.4% compared with $1.8 billion in the first quarter of fiscal 2010.
Net income for the first quarter, which ended May 1, 2011, was $164 million, compared with $202 million in the same quarter a year ago. Operating income for the first quarter of fiscal 2011 was $12 million, an improvement of $33 million compared with an operating loss of $21 million for the first quarter of fiscal 2010. Operating income is normally the weakest in the first and fourth quarters due to seasonality of the construction industry, the company noted.
In a prepared statement, company CEO Joe DeAngelo said: “We posted our fourth consecutive quarter of sales growth despite prolonged economic headwinds. The growth was driven by our associates’ intense focus on serving customers in our core markets, sales initiative execution in adjacent markets and specialization of activities to further penetrate specific customer segments.”
The Atlanta-based company experienced some improvement in its industrial and non-residential markets, DeAngelo said, but expected residential construction to remain challenging. An expansion of the White Cap division to Nashville brings that segment’s location network to 132 branches in 29 states.
“We now operate approximately 770 facilities across our business, and it is the first time we have increased our location count since 2007," DeAngelo noted. “At the close of the quarter, we completed the acquisition of RAMSCO to further strengthen our waterworks business in the Northeast. Furthermore, our strong liquidity allows us to continue to invest in organic growth initiatives, as well as potential bolt-on acquisitions.”