Faulty saws lead to recall
A faulty return spring on the lower blade guard of certain Ryobi corded circular saws has led to a voluntary recall, according to the U.S. Consumer Product Safety Commission. Manufacturer One World Technologies of Anderson, S.C., is cooperating with the commission.
No incidents or injuries have been reported on the saws. Only certain models are affected — saws with a green dot on or near the data plate and on the outside of the package are not subject to this recall.
The product in question was manufactured in China and sold at Home Depot stores from October 2008 through November 2008.
KB Home reports steep revenue drop for Q4 and full year
KB Home, one of America’s largest home builders, reported total revenues for the fourth quarter ended Nov. 30, 2008, of $919 million, down from $2.07 billion for the year-ago quarter. The company also reported a net loss of $307.3 million for the quarter, compared to a net loss of $772.7 million for the fourth quarter of 2007.
Fourth-quarter housing revenues totaled $908.5 million on 3,912 homes delivered, compared to $2.02 billion on 8,132 homes delivered in the fourth quarter of 2007.
For the year ended Nov. 30, 2008, the company generated total revenues of $3.03 billion, compared to $6.42 billion for fiscal year 2007. Housing revenues in fiscal 2008 totaled $2.94 billion, down from $6.21 billion in the previous year.
“With unprecedented downward pressures continuing to confront the home-building industry and the overall economy, our operating strategy and key priorities at KB Home have not changed,” said Jeffrey Mezger, president and CEO of the Los Angeles-based company. “We continue to pursue an aggressive agenda to maintain a strong financial position, restore the profitability of our home-building operations and position our business for an eventual housing market recovery.”
Ainsworth names president and CEO
Vancouver, B.C.-based forest products company Ainsworth Lumber has announced that its board of directors has appointed Richard Huff as the new president and CEO.
“We are very pleased to have Rick Huff joining Ainsworth Lumber Co.,” said Jay Gurandiano, chairman of the board of directors. “We look forward to the benefit of his extensive experience in senior management positions in the energy and forest industries, including most recently as CEO of the Sinclar Group, a privately owned diversified forest products group with mills in the British Columbia interior and before that as the head of OSB operations for Tolko.”
Huff will join the company on Jan. 19 at its head office in Vancouver, B.C. Robert Allen will step down as interim-CEO and resume responsibilities as chief financial officer.