Changes at Sears Holdings board
Sears Holdings Corporation announced that Bruce Berkowitz is stepping down from the company's board of directors, effective Oct. 31. Berkowitz joined the board in February 2016.
Berkowitz is Sears Holdings’ largest shareholder with his mutual fund — Fairholme Capital Management — owning a 27% stake in the company. Shares of SHLD subsequently dropped more than 10 percent during trading on Monday.
"On behalf of the board of directors and management, I want to thank Bruce for his long-term commitment and investment in Sears Holdings. His leadership, guidance and counsel as a board member have been invaluable to our company," Edward Lampert, chairman and CEO of Sears Holdings, said in a press release issued by Sears Holdings.
"It has been a pleasure to serve on the board of Sears Holdings and work closely with Eddie and the rest of the leadership team,” Berkowitz said. “I wish the company and its associates all the best as Sears Holdings continues to execute on its strategic priorities."
Berkowitz serves as the chief investment officer of Fairholme Capital Management LLC and is the president and a board member of Fairholme Funds.
LP finalizes Barrier acquisition
Louisiana-Pacific Corporation has finalized its acquisition of International Barrier Technology, a Watkins, Minn.-based company that manufactures the fire-retardant coating used in LP FlameBlock fire rated engineered wood products.
The $22 million deal involves cash for shares, according to LP. The acquisition was approved by Barrier shareholders on Sept. 28 and results in Barrier becoming a wholly-owned subsidiary of LP.
LP announced it would acquire Barrier this past July. According to LP, the purchase provides long-term protection on the company’s continuing investment in FlameBlock market development and product sales.
The trend for more fire resistance products in residential and commercial buildings continues to escalate, driven by changing building codes and their enforcement, LP said.
LP will continue to honor Barrier’s existing contracts and service its customers’ needs. Barrier will operate as part of LP’s OSB business.
Based in Nashville, Tenn., LP is one is one of the nation’s largest manufacturers of engineered wood building materials including OSB, structural framing products, and exterior siding for use in residential, industrial, and light commercial construction.
HBSDealer Stock Watch: Positive end to week
Led by SHLD, which enjoyed a 9.19% gain on Friday fueled by a $100 million loan from ESL Investments, the majority of industry stocks ended higher to close the week. On the down side, BXC fell 3.26%.