New post for American Standard executive
American Standard Brands announced that Michelle Roberts has been appointed business development and integration leader, a new position in the company’s U.S. trade organization.
"Michelle has served as a vital member of our team for many years," said Jay Gould, president and CEO of American Standard Brands. "Her extensive professional experience and strong relationships with our existing customer base will prove to be invaluable to our continued success in this highly competitive market."
Roberts joined American Standard more than 20 years ago and has served in various marketing and sales positions of increasing responsibility at the company. Most recently, Roberts was managing director east, overseeing sales in New York, New Jersey, New England, western Pennsylvania and West Virginia.
In her new role, Roberts will focus on business development in the New York metro area, plus she will oversee a new showroom initiative in New York City.
Roberts will also lead the company’s integration with Permasteelisa, a leading contractor in the manufacture and installation of architectural envelopes and interior systems. In addition to serving as the main liaison between the two companies, Roberts will work closely with Permasteelisa to develop relationships with key engineers and owners. Permasteelisa is a sister company of American Standard Brands, with both companies owned by Lixil, the global building products company.
Toll Brothers expands Calif. presence via Shapell deal
Toll Brothers is expanding its footprint in California through the purchase of Shapell Industries’ home building business.
"This acquisition will provide significant growth over the coming years and, we believe, will be accretive to earnings in the first year, excluding transaction costs," said Douglas Yearley, Toll Brothers chief executive.
The deal, valued at $1.60 billion, will allow the homebuilder to secure 5,200 lots — most of which are entitled — in affluent California markets. Toll Brothers will use its existing $1.04 billion credit facility, plus debt and equity financing, to complete the purchase. The company also plans to sell various lots (to a tune of about $500 million) by the first quarter of 2014.
Toll Brothers has been building in California since 1994 and has completed over 7,700 homes in the state, worth about $6.5 billion in revenue.
The company said in a statement that it expects to realize a return on investment within 18 months of closing, as well as an estimated 65% increase in fourth-quarter revenue thanks in part to home price increases.