Boise Cascade continues its hot run on Wall Street
After a successful initial public offering Wednesday, shares of the newly public Boise Cascade continued to perform well on Thursday.
The Boise, Idaho-based wood products company also replaced Jewett-Cameron as one of the 30 companies tracked on the HCN Stock Watch.
Sold on the New York Stock Exchange with the ticker symbol of BCC, Boise Cascade’s share price is set at $21. The price rose to a Wednesday opening of $25.44, and thee shares have risen above $27 in trading late on Thursday.
Based in Boise, Idaho, Boise Cascade describes itself as “a large vertically integrated wood products manufacturer and building materials distributor with widespread operations in the United States and Canada.”
Boise Cascade intends to use $25.0 million of the net proceeds to repay borrowings under its revolving credit facility and the remainder for general corporate purposes.
ALSC approves new design values for Southern Pine
The American Lumber Standard Committee’s (ALSC) Board of Review has approved new design values for the remaining sizes and grades of visually graded Southern Yellow Pine dimension lumber. Following recommendations from the National Lumber and Building Material Dealers Association (NLBMDA) and other stakeholders, the Board of Review has recommended a transition period for the changes with an effective date of June 1, 2013.
"NLBMDA is pleased that the Board of Review has listened to industry concerns about sudden changes in lumber design values and the impact they can have on the value of dealers’ inventory and dealers’ customers," said NLBMDA president Michael O’Brien. "We believe a standard transition period will cause less disruption in the supply chain and give dealers time to plan for the changes."
The changes in Southern Pine design that went into effect on June 1, 2012, only applied to visually graded Southern Pine and Mixed Southern Pine sized 2 in. to 4 in. wide and 2 in. to 4 in. thick (2x2s through 4x4s) in No.2 and lower grades (No.2, No.3, Stud, Construction, Standard and Utility). The changes taking effect June 1, 2013, make some changes to those grades and set new design values for the remaining sizes and grades.
"As the ALSC Board of Review now considers changes in design values for other species currently under review, we will continue to advocate for reasonable transition periods," O’Brien added.
Beazer Homes names new VP
Beazer Homes has appointed Nick Peacock to the position of VP lender relations.
“Requiring a small number of performance-screened and locally selected lenders, referred to as our preferred lenders, to compete for our home buyers’ business means every customer has the opportunity to secure the right mortgage for their individual circumstances,” said Allan Merrill, president and CEO of Beazer Homes. “I am pleased to welcome Mr. Peacock and the extensive experience and knowledge he brings to our team. His work will help simplify and enhance the financing process for our homebuyers.”
Peacock has worked in the mortgage business for 26 years with experience working for various banks and lending institutions, as well as part of the financing arms of other public builders. He graduated cum laude from Middlebury College in Vermont with a bachelor of arts in economics.