BlueLinx board member departs
BlueLinx Holdings, the Atlanta-based distributor of building materials, announced in an Aug. 10 Securities and Exchange [SEC] filing that board member Robert Warden has submitted his resignation, effective Aug. 6.
The reason given was that Warden has also resigned from Cerberus ABP Investor, the largest stockholder of BlueLinx Holdings. Warden was a managing director at Cerberus.
Bloomberg and other news outlets reported on Friday that Warden has joined Pamplona Capital Management as a partner in New York. Based in London, Pamplona oversees $6 billion in assets, including hedge funds and private equity. The firm is backed by Russian billionaire Mikhail Fridman, according to Bloomberg.
Eagle Materials sees gains in sales and earnings
Eagle Materials, producer of basic building products including cement and gypsum wallboard, reported sales of $154.0 million in the quarter ended June 30, up 29% from the same quarter last year.
The sales increase was driven primarily by increased wallboard average net sales prices and increased sales volumes for all of the company’s diversified businesses.
Net earnings for the quarter were $13.98 million, up from $807,000 in the prior-year quarter.
“Although we do not expect a significant increase in spending for infrastructure in calendar 2012, we do expect spending in 2012 will exceed that of 2011,” the company stated in its filing with the SEC.
Weak residential construction adversely impacted demand for wallboard. Eagle implemented a price increase in January 2012. The increase was described as a way to offset input cost increases that have added up over the last several years.
Johns Manville acquires insulation group
Johns Manville, a manufacturer of building products, has announced the purchase of Industrial Insulation Group (IIG), a manufacturer of insulation for industrial, commercial and fireproofing applications.
IIG was formed in 2002 as a joint venture between Johns Manville and The Calsilite Group. Johns Manville previously owned a minority interest in IIG, but will now operate it as a standalone company wholly owned by Johns Manville. IIG’s product line complements Johns Manville’s portfolio of insulation products.
IIG offers a unique “good, better, best” portfolio of high-temperature insulation, ranging from mineral wool to perlite to calcium silicate.
“Expanding JM’s interest in IIG is another way we are addressing customers’ needs by offering the industry’s most complete line of insulation products,” said Todd Raba, chairman, president and CEO of Johns Manville. “IIG has a consistent track record of product performance, in keeping with the quality our customers expect from Johns Manville. We look forward to exploring opportunities to build on IIG’s strong market position and expand its product portfolio.”
Johns Manville does not plan to significantly change the operations at IIG. Existing IIG plants located in Brunswick, Ga.; Grambling, La.; Fruita, Colo.; Phenix City, Ala.; and Houston are a key part of Johns Manville future commercial and industrial strategy. IIG chairman and CEO Philippe Delouvrier will remain involved with the company in an advisory role.
Johns Manville, a Berkshire Hathaway company, is a Denver-based manufacturer and marketer of building insulation, mechanical insulation, commercial roofing and roof insulation, as well as fibers and nonwovens for commercial, industrial and residential applications.