Cedar Creek hires John Edwards
Building products distributor Cedar Creek hired John Edwards as engineered wood manager in Statesville, N.C.
Edwards is a graduate of Virginia Tech with a degree in Civil Engineering and has spent 27 years in the EWP industry, most recently with International Beam. The company says he "will use his extensive experience to help lead Cedar Creek’s market share growth across Statesville’s multi-state coverage area."
Cedar Creek operates 16 locations covering 25 states. In May 2010, Cedar Creek was recapitalized by Charlesbank Capital Partners with the goal of providing flexible capital to grow beyond its current trade areas.
Shaw Industries recalls Lowe’s-exclusive carpet
A brand of wall-to-wall carpet sold exclusively at Lowe’s is being recalled due to its failure to meet flammability standards.
The carpet, manufactured by Shaw Industries, goes by the Aristocrat II brand and has a style number of 7L514. The product in question was only sold in a "Pale Clay" color and was sold at Lowe’s stores across the country between June and September 2013, costing about $1 per square foot.
No injuries or incidents were reported.
Stanley expects steady growth
Stanley Black & Decker released its reaffirmed 2013 guidance and it’s outlook for fiscal 2014 on Thursday, both demonstrating steady organic growth for the company of 3% and 4%, respectively.
Earnings per share fell in the range of $4.90 to $5.00 for 2013, and $5.30 to $5.50 for 2014.
“We made significant progress driving organic growth during 2013 and expect momentum to continue during 2014," said chairman and CEO John F. Lundgren. "The investments we made this year will help us achieve overall organic growth of approximately 4% in 2014 driven by year over year gains within the majority of our businesses, despite a persistent low-growth macro environment. Additionally, benefits from the recent cost reductions and operational actions to improve Security margins will result in strong earnings per share growth while funding continued growth investments and facing significant currency and tax headwinds."
According to the company, security margin improvement is expected to contribute approximately 15 cents per share.