CPG International Inc. to acquire TimberTech
Scranton, Pa.-based CPG International Inc. agreed to acquire TimberTech, a subsidiary of the Crane Group and manufacturer of decking, railing and accessory products.
CPG International is the parent company of AZEK Building Products, a leading manufacturer of premium, low-maintenance exterior products that includes decking, railing, porch boards, trim, moldings and recycled composite pavers.
"The ultimate goal is for our AZEK business and TimberTech to join forces," said Eric Jungbluth, CEO of CPG. "We believe this powerful combination will not only create the largest manufacturer in the trim, decking and railing market, but will also create a premier company in the industry as both entities manufacture highly engineered, outdoor living solution products that offer exceptional aesthetics, performance and longevity."
Tanny Crane, president of the Crane Group, said she is confident that the acquisition positions TimberTech well for future growth. "This was a difficult decision for our company and our family, but we think this acquisition positions the business to continue to be a leader in its product lines," said Crane.
CPG expects to finalize the acquisition of TimberTech in late September.
According to Jungbluth, "While AZEK has led the conversion from wood exterior trim and decking to cellular PVC, TimberTech has been a strong force and pioneer in composite decking since the category began. We consider this a merger of equals — a winning combination that will help advance the entire industry."
Barclays served as financial adviser to CPG.
For the LACN, a new name fitting of an expanded role
It’s official. The Lumber Association of California and Nevada is now the West Coast Lumber & Building Material Association (WCLBMA).
In an announcement letter, the association’s Executive Director Ken Dunham explained the motive for the name change:
“In making the decision for the name change, the board noted that LACN was geographically limiting with the association currently having members in 19 states and several Canadian provinces. It was also noted that economic and political actions throughout the West Coast region have implications for the entire region and will be monitored more extensively.”
The organization also considered it important to include in its name building materials beyond lumber, while maintaining lumber as a central part of the name and emphasis of the group.
The change was approved by the California Secretary of State’s Business Services Division last week. The change was authorized in April by the LACN board after “extensive member input and discussion,” according to Dunham.
Telephone numbers, e-mails, the association’s web site address and physical address remain unchanged.
Barr Lumber closes West Covina yard
An LBM chain that has been eroding away in California’s Inland Empire is set to close another location, this one in West Covina. At one time Barr Lumber had seven locations in southeastern California, but according to the Sun Gabriel Valley Tribune, stores in San Bernardino and Apple Valley have also closed.
Owner John Shirley purchased the West Covina location in 2008, when it was Pick’s Building Materials. While recognizing that housing starts in Riverside and San Bernardino were plummeting, Shirley remained interested in Pick’s because it served a number of commercial/industrial businesses.
“In this business, you have to take the opportunities that come along to expand,” Shirley told Home Channel News at the time of the purchase. “The long-range opportunities make it worth the risk."
The economic downturn in the Inland Valley continues unabated however. Unemployment in July was 14.3%.