PVC prices to rise significantly in 2014
According to PetroChem Wire’s PVC & Pipe Report, PVC is expected to rise by five cents per pound in the first two months of the new year.
Much of the increase can be attributed to the higher cost of ethylene, which is used in the manufacture of the plastic.
"PVC prices are usually under pressure during the fourth quarter as market seasonality kicks in and demand drops, but this year rising spot ethylene prices and strong export demand kept a floor under the market," said Donna Todd, senior editor for PVC & Pipe for PetroChem Wire.
PVC is the most commonly used plastic in construction and is often used in plumbing pipe and vinyl siding. Converters, and especially pipe manufacturers, are expected to be hit hardest by this change.
According to Todd, prices were down one cent per pound in October and were unchanged in November. Prices are expected to stay stable in December as well.
Hooker Furniture president to retire
Alan Cole, president of Hooker Furniture Corporation, has announced his plans to retire at the end of the company’s fiscal year on Feb. 2, 2014.
"The timing is as perfect as it could possibly be," said Cole. "We have been very intentional in our succession plans for an orderly transition, and we are exactly where we wanted to be at this time. It is gratifying to see that our organization is well positioned with good momentum and that important new initiatives have been launched and are moving forward. I don’t think we could have written a better scenario. The confluence of events over the last seven years has brought us exactly to the point we wanted to be as a company, and now I’m looking forward to turning my attention towards my family and a very active retirement."
Cole has been with the company since 2007, having stepped in as EVP of the company’s Upholstery Operations. Before taking the helm of the company, he also briefly served as president of Hooker Upholstery.
"We greatly appreciate Alan’s profound contributions to Hooker Furniture, Bradington-Young and Sam Moore," said Paul B. Toms Jr., chairman and chief executive officer. "The strategic vision and team-building he has brought to our organization, as well as the two new businesses he conceived and launched, will make this a stronger company for many years to come."
Cole will be succeeded by Michael Delgatti, who is currently president of Hooker Upholstery, as well as EVP sales for Hooker Furniture Corporation.