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Diamabrush rolls out Hand Tools collection

BY HBSDealer Staff

Diamabrush is aiming to make its floor preparation and coating removal products more accessible via the launch of its new collection of Diamabrush Hand Tools.

"There has been no effective solution for removing coatings such as mastic, glue and other adhesives in the flooring industry, with most people using harsh chemicals to break down the coating and then hand scraping," said president Mike Sancimino. "The Diamabrush Hand Tools not only eliminate the use of any chemicals, but allow users to complete these jobs faster than ever."

The tools, available in 4.5" and 7" sizes, are equipped to remove coatings up to 80% faster than other abrasive products, according to the company. This is thanks to the wearable substrate design, which prevents clogging, and the emergence of new diamond particles with continued use, which makes for consistent cutting.

Compatible with most standard angle grinders, the tools aim to easily strip away mastics, glues, adhesives, thin-set mortar, epoxies, and other flexible, stubborn coatings. Additionally, Diamabrush Hand Tools feature cost-cutting replaceable blades.

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Caterpillar’s $1 billion accelerated stock repurchase: round two

BY HBSDealer Staff

For the second time this year, Caterpillar Inc. is initiating a $1 billion accelerated stock repurchase program, this time with Societe Generale.

The construction equipment giant is set to repurchase $1 billion of its common stock, with an immediate delivery of about 11 million shares based on current market prices.

"The continued strength of our balance sheet and strong cash flow puts us in a good position to reaffirm our commitment to stockholders, even in the midst of a downturn," said Caterpillar chairman and CEO Doug Oberhelman. "Repurchasing an additional $1 billion of Caterpillar stock in the third quarter of 2013 will bring our total 2013 stock repurchases to $2 billion. This, combined with the 15-percent increase in our quarterly dividend announced in June, clearly shows how we are taking advantage of our strong cash position to deliver on our commitments to our stockholders."

The term of the transaction, due for completion in September, will largely determine the actual number of repurchased shares, as well as aggregate cost. Final figures will be based on Caterpillar’s volume-weighted average stock price during the term.

Caterpillar’s previous $1 billion repurchase program, announced in April, was completed this past June.

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Armstrong posts mixed results in Q2

BY HBSDEALER Staff

Lancaster, Pa.-based Armstrong World Industries reported net sales of $706.6 million in the second quarter ended June 30. That’s up 5% from the same quarter last year.

Net income declined 27.5% to $30.6 million.

The income declined due to increases in manufacturing and input costs driven by rising lumber costs, and higher labor costs associated with added crews at several solid wood plants to respond to increased demand, the company said. 

"Our second-quarter consolidated results met our expectations, as sales and adjusted EBITDA were in the middle of our guidance range," said  CEO Matt Espe. "We continue to make strategic investments in the business to support organic growth, and I’m pleased to announce that our board of directors has approved an investment that will allow us to domestically manufacture luxury vinyl tile, an important growth category that we currently source overseas."

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