Canfor appoints new CFO
Canfor has appointed Thomas Sitar vp-finance and CFO. Sitar is currently the CFO of the Canfor Pulp Income Fund and will be joining Canfor following an orderly transition from the fund, the company said.
“We are pleased to have Tom join the Canfor executive team,” said Jim Shepard, CEO of Canfor. “Tom brings a long history of financial experience in the B.C. (British Columbia) forestry industry and will be a significant asset to Canfor.”
Sitar was formerly the vp-finance of Weldwood of Canada Limited and has been the CFO of the Canfor Pulp Income Fund since 2006.
Canfor is an integrated forest products company based in Vancouver, B.C., with interests in 33 facilities in B.C., Alberta, Quebec, Washington state and North and South Carolina. The company is the largest producer of softwood lumber in Canada while also producing oriented strand board (OSB), plywood, remanufactured lumber products and specialized wood products.
Bankruptcy judge gives green light to Kara Homes reorganization
New Jersey home builder Kara Homes has been given the green light to exit Chapter 11 bankruptcy protection, following a judge’s decision in U.S. Bankruptcy Court in Trenton, N.J.
The home builder will be managed by Connecticut-based hedge fund Plainfield Specialty Holdings, New Jersey developer Glen Fishman and a buyout firm based in San Diego, Del Mar Capital.
The East Brunswick, N.J., home builder filed for Chapter 11 protection in U.S. Bankruptcy court last October.
At that time, the company said it owed about $297 million to woodworking, concrete, lumber, electrical and plumbing dealers, while holding assets of only $350 million. Those assets primarily included unsold homes and land.
Pro-Build names technology executive
Pro-Build Holdings has announced the appointment of David Walstad to the position of vp-advanced component technology, where he will oversee the exploration of new technology, including robotics, into the pro dealer’s component manufacturing division.
Aformer vp-manufacturing for the Strober Organization, Walstad has also served as president and chief operating officer of U.S. Components, the company’s manufacturing division. Before joining Strober, Walstad served two years as vp and general manager for Metal Components in Atlanta and 10 years as division manager for Stock Lumber in Green Bay, Wis.
In his new role, Walstad will oversee the construction of Pro-Build’s fully robotic truss assembly plant, slated to open in 2008.
Pro-Build currently operates more than 500 lumberyards and manufacturing facilities in 40 states. It occupies the No. 1 spot on HCN’s Pro Dealer Top 350, with $5.17 billion in sales in 2006.