Cedar Creek boosts presence in Mississippi
Oklahoma City-based Cedar Creek entered into a lease agreement to open a new location in Long Beach, Mississippi, by Dec. 1.
According to Cedar Creek CEO Bill Adams, “This is a great strategic fit as it positions us to provide optimal service to customers along the Gulf Coast from the Florida panhandle across the southern tier of Alabama, Mississippi and Louisiana.“
Cedar Creek covers some of the Gulf Coast currently, but the company thinks the facility will improve service to existing customers while providing access to new customers.
Cedar Creek is a leading wholesale building material distribution company with 24 locations serving over 30 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.
Lawsuit targets Ply Gem filings
A new class action suit against Ply Gem Holdings is charging the exterior building products manufacturer with misrepresenting its financial performance.
Robbins Geller Rudman & Dowd LLP announced the suit on Monday, which is being filed on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Ply Gem shares related to its May 22, 2013 IPO.
The complaint alleges that Ply Gem violated the Securities Act by deliberately neglecting to disclose information in its Registration Statement that had a material effect on its future operating results.
Among the alleged "lies by ommission" were Ply Gem’s agreement to buy back inventory from The Home Depot, which stipulated that Ply Gem initially sell the retailer a large volume of low-priced, low-margin product that Ply Gem had difficulty selling during April and May of last year.
Additionally, the Registration Statement allegedly failed to properly disclose all material risks and changes in Ply Gem’s business affairs.
Lawyers allege that these ommitted events altered the company’s operating results for the worse during the second quarter ended June 29, 2013 — such that its common shares are now trading at a level that’s 50% lower than the IPO price.
A Ply Gem spokesperson told HCN that the company has not yet been served with the lawsuit and does not comment on active litigation.
At Armstrong, an effort to inspire
Armstrong World Industries has embarked on a bit of a brand makeover. Predicated upon the tagline "Inspiring Great Spaces," the new platform highlight’s the company’s commitment to innovation and creativity.
"Since our inception, the Armstrong name has stood for quality, trust and dependability," said Armstrong CEO Matt Espe. "Through our innovative and sustainable ceiling and flooring solutions, we help our customers expand their design possibilities to create high-functioning, beautiful interiors for homes and commercial buildings around the world. ‘Inspiring Great Spaces’ is really what Armstrong is all about."
The new tagline is flanked by two new branding colors: Morado, a blue violet the company says stands for "creativity and leadership," and Tungsten, a gray color representing "elegance, balance and power."
Espe added, "Our brand is one of our most powerful assets, second only to our people. This fresh approach illustrates the exciting evolution of our story."