Georgia-Pacific aids tornado victims
Georgia-Pacific (GP) has announced an aid package to victims of the Southeastern tornados last month that includes cash, products and matching donations.
GP will contribute $50,000 to The Salvation Army for recovery effort in the Southeast and $10,000 to the American Red Cross in Alabama. The company will also match up to a total of $50,000 in donations made by employees of GP or any other Koch company to the Salvation Army’s efforts between now and July 8.
GP has also donated bath tissue, paper towels and tabletop covers to temporary shelters in several states.
“Many communities near our facilities have been impacted,” said president and CEO Jim Hannan, noting that half of the company’s employees live and work in southeastern states affected by the tornadoes. “We also have a number of employees who have suffered losses of loved ones and property,” he added.
Sales grow at Beacon Roofing
Beacon Roofing Supply, one of the nation’s largest distributors of roofing, siding and other exterior building products, reported sales of $296.3 million in the second fiscal quarter of 2011, a 3.8% rise from sales of $285.4 million in 2010. Existing market (organic) sales, which exclude seven branches acquired subsequent to the beginning of last year’s second quarter, increased 0.2%.
Residential roofing sales decreased 11.1%. Residential roofing sales continued to be especially weak in markets affected by storms in 2009 and were also affected by continued historically low levels of new home construction.
The net loss for the second quarter, which ended March 31, was $6.2 million, compared with $6.5 million in 2010, an improvement of 4.3%.
For the first half of the fiscal year, total sales increased 7.4% to $701.1 million in 2011 from $653.1 million in 2010, while existing market (organic) sales increased 3.8%. Existing market results exclude eight branches acquired subsequent to the start of fiscal year 2010.
Net income for the first half was $3.9 million compared with $1.4 million in 2010, an improvement of 183%.
Headquartered in Peabody, Mass., Beacon Roofing Supply operates 179 branches in 37 states in the United States and in three provinces in Eastern Canada.
Jeld-Wen sells stake to Canadian investors
A Canadian investment group agreed to pay $675 million for a 39% stake in Jeld-Wen, the window and door manufacturer.
Onex Corp. announced the plan yesterday, anticipating Jeld-Wen was positioned well for a global recovery in housing.
"We believe that Jeld-Wen’s competitive position and well-known brands in markets around the world position the company very well to take advantage of the eventual recovery in global housing markets," said Anthony Munk, an Onex managing director. "We are delighted to be investing alongside the Wendt family, and look forward to working closely with Jeld-Wen’s management team and employees to build on the company’s success."
Jeld-Wen will continue to be majority-owned by the Trust of Mr. Richard Wendt, members of the Wendt family, Jeld-Wen employees and other existing shareholders.
Rod Wendt, CEO of Jeld-Wen, commented, "This is an exciting time in our company’s history, and we’re pleased to be partnering with Onex, who shares our vision for the company’s future."
According to the press release, Jeld-Wen had $3.0 billion in 2010 revenues. It operates 123 manufacturing and distribution centers and employs approximately 20,000 people in more than 25 countries across North America, South America, Europe, Australia and Asia.