ENAP looks to replace retiring CEO
Russell Kennedy retired as president and CEO of ENAP, the New Windsor, N.Y.-based lumber and building material co-operative.
On an interim basis, CFO Steve Sallah will be acting chief operating officer.
Kennedy led the co-op — the name is an acronym for "Everybody Needs a Profit" — for the past five years. In a prepared statement, he pointed to his appreciation to and confidence in the current ENAP team.
"The past five years have been challenging and exciting," Kennedy wrote. "ENAP has taken action to improve the co-op and has made investments in staff and technology to directly benefit the organization. These investments, including our world-class Enterprise Resource Planning tool, which has completed development and is in testing phase, will provide a more seamless interaction with members and vendors and make internal operations of ENAP run much more effectively."
ABC Supply rebrands Bradco units
ABC Supply has announced that it will rename six of its Bradco Supply units in the Midwest as ABC Supply locations as of Jan. 3, 2011. The stores are in Wauconda and Alsip, Ill.; Warren, Mich.; Hazelwood, Mo.; Omaha, Neb.; and Indianapolis, Ind.
The Beloit, Wis.-based firm acquired Bradco Supply in 2010, adding 128 units in 30 states to its national footprint. The combination of the two companies created the nation’s largest distributor of roofing, siding, windows, and other exterior products. ABC Supply now operates more than 450 branches in 44 states and the District of Columbia.
Owens Corning to sell masonry division
Owens Corning has signed an agreement to sell its masonry division, which makes Owens Corning Cultured Stone exterior siding, to Boral Industries in a two-part transaction, the company announced.
The building products supplier will sell a 50% stake in its masonry products unit to Boral Industries for $45 million at closing, and the unit will then be operated jointly until early 2014. At that time, Owens Corning will sell its remaining 50% stake for $45 million and may receive additional proceeds dependent upon 2013 financial performance.
The transaction is expected to close by year-end and is subject to regulatory approval.
Based in Toledo, Ohio, Owens Corning is a maker of insulation, roofing, windows and manufactured stone siding. Boral is based in Australia. The company’s U.S. division makes bricks, roof tiles and other construction products.