CertainTeed announces exec promotions
CertainTeed Corp. has appointed new presidents for both its roofing and siding product divisions, effective Sept. 1.
Tom Smith will serve as president of the roofing group. Smith will be responsible for residential and commercial roofing, as well as CertainTeed’s solar business. Smith joined CertainTeed in 1999 as VP of CertainTeed commercial roofing. In 2005, he joined the siding products group as VP and general manager and was promoted to president in October 2005.
Prior to joining CertainTeed, Smith held a variety of positions in general business and operations management with American Sunny Foods, Pacific Rice Products, Kaiser Aluminum & Chemicals and G.S. Roofing.
Smith will replace Guillaume Texier, who recently accepted the position as president of Saint-Gobain’s global ceramics group.
Mark Rayfield, the new president of CertainTeed’s siding products group, previously served as VP and general manager for Saint-Gobain Abrasives in North America and VP for Superabrasives Worldwide. In his new role, Rayfield will oversee the company’s vinyl, fiber cement and polymer shake siding, fence, railing, deck and cellular PVC trim product lines.
Rayfield joined Saint-Gobain Abrasives as director of sales in 1999 and was later promoted to positions as VP distribution markets and sales and marketing, respectively. He has also served as VP sales for Piab USA.
IP to acquire Temple-Inland
International Paper’s attempt to take over Temple-Inland concluded today with an announcement that the two companies have entered into a merger agreement.
International Paper will acquire all of the outstanding common stock of Temple-Inland for $32 per share in cash, plus the assumption of $600 million in Temple-Inland’s year-end debt. The total transaction value is approximately $4.3 billion.
The deal has been approved by the boards of both companies, according to a document filed with the Securities and Exchange Commission (SEC). The transaction is expected to close in the first quarter of 2012.
The combination is expected to yield synergies of approximately $300 million annually within 24 months of closing, derived primarily from the areas of operations, freight, logistics, selling expense and overhead.
As stipulated by the merger agreement, International Paper will terminate its existing tender offer to acquire all of the outstanding common shares of Temple-Inland for $30.60 per share, and Temple-Inland will hold a special meeting of its stockholders to vote on the transaction. In addition to the approval of Temple-Inland’s stockholders, the transaction is subject to customary closing conditions, including antitrust approvals.
On June 6, Temple-Inland announced it had received an unsolicited proposal from International Paper to acquire the company for $30.60 per share in cash. Temple-Inland’s board of directors voted unanimously to reject that offer, saying it “grossly undervalued” the company and was not in the best interest of Temple-Inland’s stockholders. The following month, International Paper launched its hostile takeover bid.
All-American home construction seen as solution
According to an article in the New York Times, a Montana home builder is promoting construction using Made in USA materials. It’s not that easy.
In fact, the general contractor who came up with the idea, Anders Lewendal, said it’s probably not possible to achieve 100% compatibility to the all-American building approach, according to the article. But if all builders sought American-made products, the impact could be beneficial.
A typical home uses about 75% Made-in-USA materials, he told the newspaper.