Fiberon teams up with five new distributors
Fiberon has forged a series of new distributor relationships across the country in an effort to expand its footprint.
“Over the past few months, we’ve had the opportunity to partner with a number of exceptional distributors around the country,” said Doug Mancosh, president of Fiberon. "These new relationships with service-oriented distributor experts complement our existing channel network and will bring our extensive line of industry-leading composite decking and railing products to important new markets.”
The PVC and composite decking manufacturer has teamed up with Coastal Forest Products in Bedford, N.H.; Consolidated Distribution Services in New Jersey; J.M. Thomas Forest Products in Boise, Idaho, and Ogden, Utah; Lumberman’s Wholesale in Montgomery, Ill.; and Monsma Marketing, which serves lumberyards and home improvement centers in Michigan and Indiana.
The combined reach of the new agreements will bring Fiberon’s products to Long Island, New England, the tri-state region, portions of the midwest and a chunk of the Rocky Mountains region.
WD-40’s Q4 results a mixed bag
WD-40 Co. reported growth in net sales for the fourth quarter ended Aug. 31, though net income was down on a year-over-year basis.
Net sales saw an increase of 10% from 2012’s fourth-quarter sales, with year-to-date sales up 8% year-over-year at $368.5 million. Multi-purpose maintenance products, the company’s main product category, saw an even bigger boost, with a 16% increase to $81.6 million. Homecare and cleaning products were down 16% to $11.9 million, though the company is focusing less on this category as multi-purpose maintenance products experience increased growth.
Meanwhile, net income was down 9% at $8.1 million, though the year-to-date income of $39.8 million was up 12% from the prior fiscal year.
"We have been celebrating our 60th anniversary and are pleased to report a record year for the company during this important milestone," said Garry Ridge, WD-40 president and CEO. "Our tribe’s continued focus on our key strategic initiatives and thinking big about our future has paid off in spades with great results across all trading blocs. We continue to see ourselves as a growth company, and our performance supports that."
The company cited strong growth in the EMEA region, as well as its Asia Pacific business, which has experienced steady growth since 2009. Ridge also highlighted the potential of its China operations, where WD-40 experienced "a record year" but expects "some volatility along the way due to promotional timing, the fluctuations of building distribution, shifting economic growth patterns and varying industrial activities."
USG teams up with Boral Limited in joint venture
USG Corporation announced its 50/50 joint venture with Boral Limited, to be named USG Boral Building Products, as part of a strategic move to synergistically blend their branding, geographic impact and expertise in the burgeoning plasterboard market in Asia, Australasia and the Middle East.
The venture will include Boral’s Gypsum division, which includes its plasterboard operations in Australia and Asia, as well as USG’s Asian and Middle Eastern businesses. Additionally, USG will contribute exclusive access to its competitive products and technologies.
“We are excited by the prospects for profitable growth through this strategic partnership," said USG chairman, president and CEO Jim Metcalf. "We have long been focused on our strategic plan to diversify our earnings and differentiate our business through innovation. The joint venture with Boral, Asia’s leading plasterboard manufacturer and distributor, gives USG the reach to immediately expand our world-leading building products operations outside North America, and enables both companies to more effectively capitalize on market opportunities in some of the world’s highest growth construction markets."
New technologies will be introduced over the course of the next two years by the joint venture, which will self-fund its investment of $50 million. Synergies are expected to exceed the initial pricetag within three years.
Frederic de Rougemont, CEO of Boral Gypsum, will be the appointed CEO of the joint venture.