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HCN Stock Watch: TREX jumps 5.28%

BY HBSDEALER Staff

Shares of Trex (TREX) were up 5.28% on Tuesday after the stock was upgraded from hold to buy on an analyst upgrade.

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Barry Hytinen promoted at Tempur Sealy

BY HBSDealer Staff

Lexington, Kentucky-based Tempur Sealy International has promoted Barry Hytinen to the title of EVP corporate development and finance.

"Barry’s contributions to Tempur Sealy have been significant and broad reaching," said president and CEO Mark Sarvary. "In particular, his leadership was critical to all aspects of the transformative Sealy acquisition and integration. On behalf of the board of directors and our entire company, I am pleased to congratulate Barry on his well-deserved promotion."

Hytinen has been with the company since 2005, holding various positions of increasing responsibility, culminating in his most recent role as SVP finance and global business development.

He has played a pivotal role in the company’s finance operations, as well as various strategic initiatives such as the development of the U.S. flagship store and several mergers and acquisitions.

In his new role, Hytinen will report directly to EVP and CFO Dale Williams.

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Lowe’s plans Indianapolis CSC

BY HBSDealer Staff

Lowe’s revealed its plans Tuesday to build a new Customer Support Center in Indianapolis, which is expected to reach completion by 2016.

The announcment was made with Lowe’s officials in the company of Indiana Governor Mike Pence and Indianapolis Mayor Greg Ballard. 

"Indiana provides national companies like Lowe’s with the perfect building blocks for success," said Pence. "We have taken all the parts required—a central location, low taxes and a skilled workforce—and assembled them perfectly here in Indiana. Indiana is a state that works for business because we have built the business climate companies like Lowe’s need for growth and success."

The project, which comes at a $20.5 million price tag, involves the purchase and renovation of an existing 140,000-sq.-ft. facility located at Intech Park 12, 6620 Network Way, in Northwest Indianapolis.

"We chose Indianapolis because of the talented and experienced workforce who we believe can provide outstanding service to our customers," said Don Easterling, Lowe’s VP contact center. "Indianapolis adds a strategic Midwest location to our network of Customer Support Centers located in North Carolina and New Mexico. We appreciate the support of both state and local officials that helped make this a win-win project."

Indiana is also looking to offer Lowe’s some assistance to achieve these goals. The Indiana Economic Development Corporation is offering $5.5 million in conditional tax credits and up to $100,000 in training grants to Lowe’s, depending on how many locals it hires.

In its finished state, the new CSC will work closely with the existing CSCs in Wilkesboro, North Carolina and Albuquerque, New Mexico, adding up to 1,000 new jobs involved in the support of Lowe’s stores and internet sales, delivery services and repair services for Lowe’s customers. It’s expected to be operational in the first quarter of 2015.

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