Cedar Creek to acquire Roberts & Dybdahl
Oklahoma City-based wholesale LBM distributor Cedar Creek is expanding its footprint across the Midwest with the acquisition of Des Moines, Iowa-based Roberts & Dybdahl.
The two companies recently announced a letter of intent for Cedar Creek to acquire the majority of R&D’s assets. Closing is expected to occur June 30.
According to a press release announcing the deal, R&D president Ted Roberts “explained it was the right time for his family to exit the ownership and management of the business.”
Terms of the deal were not released.
He also thanked the employees who “fostered so many outstanding professional relationships throughout the building products distribution supply chain that will be continued by Cedar Creek.”
Cedar Creek was established in 1977 and operates out of 15 locations in the South and Southwest.
Lanterns recalled over fire hazard
Coleman is recalling about 95 units of its Northstar Liquid Fuel Lanterns following two reports of lanterns catching fire when fuel unexpectedly leaked from the bottom of the unit.
According to the Consumer Product Safety Commission, some of the lanterns contain incorrect gas feed tubes that release too much fuel when lit.
The recall affects lanterns with model number 2000B750 and date codes 10 13 or 11 13. The model number is printed on the base of the lantern, with the date code stamped on the underside. They were sold at sporting goods stores nationwide and online at coleman.com from November 2013 through February 2014 for about $125.
No injuries associated with the malfunction have been reported.
Masonite’s loss widens in Q1
Masonite International Corporation posted disappointing results in the first quarter of 2014, with a deeper cumulative loss and a sluggish sales pace that was, like for so many others, attributed to the harsh winter weather.
Net sales decreased 0.5% to $422.5 million for the three months ended March 30, which was partially explained by a 4.5% drop in unit volumes counterbalanced by a 5.7% increase in average unit price.
Meanwhile, net loss increased to $16.6 million from 2013’s loss of $5.8 million.
“Unusually harsh winter conditions negatively affected unit volume demand and led to increased costs across the North American business,” said Fred Lynch , president and CEO. “While first quarter results in the absolute were disappointing, we remain optimistic the U.S. housing market will accelerate throughout the balance of the year and believe the 5.7% increase in average unit price is a good ‘first step’ towards realizing appropriate value for the high quality products and services we provide.”