BlueLinx completes $60 million stock offering
BlueLinx Holdings has raised approximately $58.5 million after investors fully subscribed to a $60 million rights offering that expired on July 22. Following the issuance of the newly subscribed shares, which is expected to occur on or about July 28, 2011, BlueLinx will have approximately 61.8 million total shares outstanding.
Cerberus ABP Investor will remain the majority stockholder, owning approximately 55% of BlueLinx’ common stock.
When BlueLinx first announced the offering in April, the Atlanta distributor said it would use any proceeds to pay down debt and also fund capital improvements.
Commenting on the announcement, BlueLinx president and CEO George Judd stated: "We are pleased with the results of the offering and are grateful to our stockholders for their continued support."
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Plum Creek Timber second quarter bolstered by real estate
Plum Creek Timber benefited from good results from its real estate segment to post increases in its second-quarter sales and earnings.
The Seattle-based company reported earnings of $44 million in the second quarter, up from $35 million in the same quarter last year. Sales increased to $284 million, up from $258 million.
"Good results from our real estate segment offset weaker-than-anticipated results from our timber operations," said Rick Holley, Plum Creek’s president and CEO. "Sawlog markets in the West and Northeast remained attractive during the second quarter, however, sawlog markets in the South continued to be challenging due to extremely dry weather and weak domestic demand.
"We manage the company with the goal of maximizing the long-term value of every acre we own," Holley continued. "During the second quarter, we reduced our sawlog harvest about 100,000 tons from planned levels in the South. We will bring this volume to the market, at improved prices, in the future."
The company’s manufacturing segment reported $5 million of operating income for the second quarter, compared with the $10 million operating income reported for the second quarter of 2010.
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Another executive exits ProBuild
Jim Cavanaugh, president of operations at ProBuild and one of the company’s veteran executives, is leaving the company at the end of August, Home Channel News has learned. A spokeswoman for ProBuild confirmed the news and issued the following statement:
“We thank [Cavanaugh] for his many contributions to our company and wish him well in his future endeavors. Jim will continue to work closely with our operations team until Aug. 31, 2011, in order to ensure a smooth transition.”
Cavanaugh is the second high-level departure from the nation’s largest LBM chain in two weeks. On July 11 the Denver-based company circulated a memo to employees announcing that Bill Myrick, president and CEO, was no longer with the company. He has held the top job for less than one year after serving as chief operating officer for two years.
Cavanaugh served as president of Hope Lumber for 20 years, growing it to a 50-unit chain in the south central U.S. that largely served production builders. Hope Lumber was purchased by Lanoga Corp., which then joined ProBuild in 2006. Parent company Devonshire Investors, part of Fidelity Investments, put Lanoga together with The Strober Organization, forming the largest LBM chain in the nation.
In addition to his most recent title, Cavanaugh essentially took over the COO’s job when Myrick was promoted to CEO in September 2010. All regional presidents reported to Cavanaugh, who was then executive VP operations.
Cavanaugh has also held positions with Georgia-Pacific and Boise Cascade in his 30-year career.
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Authorities are also
Authorities are also investigating similar incidents of vandalism at two student Jewish IT jobs
Mr. Cavanaugh is a master of
Mr. Cavanaugh is a master of slave productivity, a value (hopefully) no longer appreciated at ProBuild. Men of his character may drive results for a time but good people are not attracted to that kind of leadership. Bad character eventually catches up to you -- it did here.
Jim Cavanaugh is a class act
Jim Cavanaugh is a class act and has a sharp mind for this business. I wish him all the best.