HD Supply Canada to sell electrical division
HD Supply Canada has announced its intent to sell SESCO/QUESCO, a unit that provides business customers electrical products from leading manufacturers, to Sonepar Canada. The purchase price was not disclosed.
SESCO/QUESCO, a strong independent distributor in Toronto for many years, was acquired by HD Supply Canada in January 2006. SESCO/QUESCO currently employs over 70 associates, operating out of five branches in the greater Toronto area and serving over 1,000 customers. While focused mostly on commercial, residential and institutional markets, SESCO/QUESCO has been continually growing in the industrial and OEM sectors.
“This strategic acquisition supports our goals to grow our business in Ontario and strengthen our place in the Canadian electrical wholesale market,” said Keith Moss, president and CEO of Sonepar Canada. “Our expanded coverage in Ontario, particularly in and around Toronto, will allow us to better serve both our existing and future customers.”
Sonepar Canada is a leading national electrical distributor, providing service to residential, commercial, industrial and specialty business customers since 1984. There are more than 1,500 employees in 90 branches within six operating companies; CenturyVallen, Gescan BC, Gescan Prairies, Lumen, Osso Electric and Texcan.
Developer purchases Florida project
Kitson & Partners, a real estate development company based in Palm Beach Gardens, Fla., has announced the purchase of Tuscany Reserve, an unfinished golf course community located in southwest Florida. The company plans to quickly resume construction on the project’s clubhouse facilities and luxury homes,
Nearly 80% of the infrastructure for Tuscany Reserve has been completed, according to the announcement. WCI, the original developer, sold the property to Bahrain-based Addax Bank in 2008. While the development has largely been placed on hold since its sale in 2008, Addax has invested significant capital into the maintenance and operations of the project over the past two years.
“As the economy rebounds we believe southwest Florida’s housing market will lead the way,” said Syd Kitson, chairman and CEO of Kitson & Partners. “Real estate always comes down to location, and southwest Florida remains one of the best places to live in the country.”
The Tuscany Reserve community is approved for up to 799 residential units, but according to Kitson & Partners, the final number and mix of single-family and coach homes will be driven by the market.
In addition to the Tuscany acquisition, Kitson & Partners recently closed on the purchase of a 60-acre redevelopment tract in Florida’s most densely populated county. The Bay Pines property in Pinellas County will present an opportunity for the company to pursue large-scale mixed-use development in an infill location, the announcement said.
Kitson & Partners was founded in 1992 and currently owns approximately 21,000 entitled residential units, 6.2 million sq. ft. of commercial entitlements and 1.6 million sq. ft. of existing retail shopping centers in Florida.
Weyerhaeuser posts $171 million profit
Weyerhaeuser Co. has reported net earnings of $171 million for its fourth quarter of 2010, compared with a loss of $175 million in the same quarter a year ago. Earnings for the quarter include after-tax gains of $119 million from special items. Excluding those items, Weyerhaeuser reported net earnings of $52 million.
Net sales for the forestry company were $1.66 billion, compared with sales of $1.45 billion in the fourth quarter of 2009.
For the full year of 2010, Weyerhaeuser reported net earnings of $1.28 billion on net sales of $6.6 billion. This compares with a net loss of $545 million on net sales of $5.5 billion for the full year of 2009. Earnings for the full year of 2010 included $1.06 billion from income tax adjustments related to Weyerhaeuser’s conversion to a Real Estate Investment Trust (REIT).
In its wood products division, sales for the fourth quarter of 2010 were $572 million, compared with $510 million a year ago. The segment’s results before special items improved $15 million compared with the third quarter. The fourth quarter included special items of $103 million for asset impairments, closures and restructuring.
In its outlook for the first quarter of 2011, Weyerhaeuser said it anticipates a smaller loss from the segment due to improved operating rates, higher selling prices and continued cost reductions.
In a prepared statement, president and CEO Dan Fulton said: “The record year for our cellulose fibers segment due to strong market conditions and excellent operational performance highlighted our 2010 results. Extremely challenging housing market conditions affected the financial performance of our Timberlands, Wood Products and Real Estate segments. We anticipate these market challenges will continue in 2011. However, I expect better performance due to ongoing operational improvements, which will create cost efficiencies and enhance the relative competitiveness of our businesses."