Fastenal net earnings up in Q2
Fastenal, the chain of industrial and construction supply stores, saw net earnings rise 17 percent to $60.3 million from $51.5 million in last year’s second quarter.
Net sales totaled $519.7 million, an increase of 13.3 percent over $458.8 million last year.
The company reiterated its intention to focus less on growing stores, which it called the “primary growth driver” in previous years, and more on adding outside sales personnel into existing stores.
Additionally, Fastenal said rising fuel costs in the second quarter partially cut into profit.
Winona, Minn.-based Fastenal owns and operates 2,000 stores in 50 states.
LP names new vp–oriented strand board
Louisiana-Pacific has named Jamey Barnes, 56, vp–oriented strand board (OSB).
Barnes joined the company in 2006 as Eastern region OSB manager. He has more than 30 years experience in wood products manufacturing, having held previous posts at International Paper and Georgia-Pacific.
In his new role, Barnes will oversee manufacturing at LP’s 13 OSB facilities in North America. LP’s OSB products include sheathing, TopNotch sub-flooring and TechShield radiant barriers.
“His extensive management experience in wood products manufacturing and impressive leadership abilities will help us continue to drive our efficiency, modernization and innovation efforts,” said Jeff Wagner, executive vp–OSB.
LP, based in Nashville, Tenn., is one of the country’s largest suppliers of building products for the retail, wholesale and home building industries.
Wal-Mart, Menards approved for Mundelein, Ill.
The town of Mundelein, Ill., has approved a controversial plan to build a $90 million shopping center that will include a Wal-Mart and a Menards.
Village trustees approved the plan Monday by a 5-1 vote, although they made it clear that more work needs to be done with the Rubloff Development Group to satisfy concerns about the project’s architectural design.
Mundelein Town Center is a 94-acre, 600,000-square-foot retail project to be built just west of the existing Mundelein Crossings mall near Ivanhoe.
Anchoring the mall will be a 160,000-square-foot Menards, a 204,000-square-foot Wal-Mart Super Center, and an 88,000-square-foot Kohl’s. Also planned for the site are a Dick’s Sporting Goods and an OfficeMax.
The project has been opposed by some local residents who say that such a mall is too big, and when coupled with the nearby Crossings mall will create traffic congestion in the area.