CEO of California tool company dies
Walter Kopala Jr., president and CEO of Thorsen Tool, died after a long battle with cancer, according to a statement released by the Ontario, Calif.-based company.
In its statement, the company said Kopala “will be succeeded by his friend and associate Randall L. Wright,” who currently serves as COO and interim CEO.
Thorsen Tool manufactures hand tools and is a corporate affiliate of Amarillo Hardware, based in Amarillo, Texas.
Fraser announces mill shutdown
Toronto-based wood pulp company Fraser Papers has announced the closure of a Juniper, New Brunswick-based mill that manufactures pulp-based supplies and lumber products for home builders.
The company will shut down the mill for up to 11 months starting Oct. 5. Fraser cited a weak housing market in the United States, continued oversupply of lumber and a strong Canadian dollar for contributing to Ounsustainable operating losses at the mill.O
In addition, reduced logging activity in recent months has significantly reduced the supply of wood from private lands,O the company said in a statement.
“Despite significant efforts by our employees to minimize costs and improve operations, we have been absorbing significant cash losses at our Juniper sawmill,” said Peter Gordon, president and CEO of Fraser Papers
Fraser said it expects tough market conditions will persist into 2008. The shutdown will impact approximately 175 employees at the mill.
Home Depot holds grand opening in China
Home Depot’s long-awaited entry into China became official Aug. 26 with grand opening festivities at rebranded stores in six locations. The former Home Way units, purchased in December 2006, were remodeled and remerchandised, according to the Atlanta-based retailer. Sales associates also received additional training over the past eight months.
Altogether, Home Depot will operate 12 stores in six cities: Tianjin, Beijing, Xi’an, Qingdao, Shenyang and Zhengzhou.
Annette Verschuren, president of Home Depot Asia and Canada, presided over inaugural ceremonies in Beijing. Also on hand was Yves Chen, president of Home Depot China.