Cedar Creek acquires Reid and Wright
Cedar Creek has made a deal to acquire Reid and Wright, a lumber and building material distributor based in Bend, Ore., with a distribution center in Broomfield, Colo.
According to Cedar Creek CEO Bill Adams, “This is a key addition for Cedar Creek as it brings new customers, quality people and great products that we’ll merge into our current Denver location.”
The agreement is expected to be completed by March 31, 2014.
Cedar Creek COO D. Wayne Trousdale further commented: “We are pleased to further expand our presence in Colorado’s vibrant Front Range market and the surrounding region.”
Cedar Creek is a wholesale building material distribution company with 16 locations covering 25 states.
In May 2010, Cedar Creek was recapitalized by Boston-based Charlesbank Capital Partners, with the goal of providing flexible capital for the company to grow beyond its current trade areas.
Big pay day for retired Black & Decker chairman
Former Stanley Black & Decker chairman Nolan Archibald, who retired from the company in March of last year, received a compensation package totaling approximately $133 million last year, according to an annual proxy SEC filing the company published on Tuesday.
A $51.4 million merger bonus contributed to the unusually high payout, which was "based on the annual run-rate of cost savings achieved by the company" as of his retirement that were attributable to the merger of Stanley and Black & Decker in 2010.
The company reported savings of at least $370 million — in excess of the $350 million goal — attributable to the merger, many of which involved numerous layoffs.
Archibald’s total compensation package also included a pro-rated performance-based salary of $365,000 for the 10 weeks worked in 2013, $334,000 in post-termination life insurance, "other compensation" totaling $441,000 (including $217,000 for personal use of the corporate aircraft), $47.2 million in exercised stock options, $9 million in vesting of stock options and $23.9 million in vesting of restricted stock/RSUs.
In comparison, CEO John Lundgren’s take-home pay came in at $10.7 million including salary, bonus and other compensation, plus another $25.2 million from stock options.
Stanley Black & Decker had no comment for HCN related to the filing.
Valspar and Habitat for Humanity tee off
The Valspar Corporation is kicking off the inaugural Valspar Championship — taking place March 13 to 16 — with a Habitat for Humanity community build in the Tampa area.
Valspar, together with Habitat, PGA TOUR Wives Association, PGA TOUR players and Habitat families will participate in the build, which will take place in a Pinellas County community made exclusively of Habitat for Humanity homes.
“At Valspar, we believe that color has power to change lives," said chairman and CEO Gary Hendrickson. "We are proud to join forces with Habitat for Humanity to bring a little more color into the homes of the Tampa Bay community."
Additionally, the company will set up an interactive Valspar Championship Expo Tent at the tournament where attendees can learn more about the two organizations. The "Valspar Putt for Habitat Challenge" will give guests the opportunity to raise money for Habitat, with Valspar donating $5 to Habitat for every putt made (up to $15,000 total).
Valspar is Habitat for Humanity’s national paint partner, meaning it provides paint for all Habitat homes built in the U.S. It’s also the official paint supplier of the PGA Tour.