HD Supply names new president of Crown Bolt
HD Supply has named Gary Landress as president of Crown Bolt, its retail hardware division. Landress will report to Joe Izganics, senior VP of HD Supply.
Landress will replace Crown Bolt president Jon Michael Adinolfi, who has left the organization to pursue other opportunities.
Landress comes to Crown Bolt from Fu Hsing Americas, a Taiwanese door lock manufacturing company, where he served for 13 years as senior VP in charge of U.S. operations. Prior to Fu Hsing Americas, Landress held senior executive roles with Test Rite, Titon Industries, Mr. HOW and Triangle Home Products. In these positions, he has led operations, manufacturing, supply chain, sourcing, sales, merchandising, marketing and product/package design.
Landress has worked with a variety of customers in different retail channels, including big-box retailers, co-op hardware organizations and independent hardware companies. He has also engaged in significant negotiations with global suppliers throughout Asia.
IP launches hostile takeover bid for Temple-Inland
After being rebuffed by Temple-Inland’s board of directors, International Paper is making an unsolicited offer to acquire all the outstanding shares of common stock of the wood products company for $30.60, according to documents filed with the Securities ad Exchange Commission (SEC).
On June 6, Temple-Inland announced it had received an unsolicited proposal from International Paper to acquire the company, also for $30.60 per share in cash. Temple-Inland’s board of directors voted unanimously to reject that offer, saying it “grossly undervalued” the company and was not in the best interest of Temple-Inland’s stockholders.
In its communications with Temple-Inland stockholders, International Paper said it has tried to negotiate with Temple-Inland “multiple times.” International Paper will finance the $3.7 billion deal with $1.5 billion in cash and the rest in borrowings. The merged company would eventually go private, the communication said.
Temple-Inland’s board advised its holders to take no action at this time while it reviews the latest unsolicited offer. But on June 7, after receiving its first formal proposal from International Paper, the company adopted a “poison pill” plan that significantly increases the number of Temple-Inland shares and erects other barriers if an investor acquires 10% or more of the company’s stock.
Based in Austin, Texas, Temple-Inland produces lumber, gypsum board, fiberboard and other building materials, as well as corrugated packaging.
Trex issues warnings for Q2 results
Composite deck maker Trex has announced preliminary second-quarter results, predicting lower-than-expected revenues of $78 million, as opposed to previous expectations of $115 million.
In a prepared statement, chairman, president and CEO Ronald Kaplan commented: "Sales did not materialize as expected during the second quarter. Poor weather and, to a lesser extent, the unfavorable macroeconomic environment caused the lower-than-expected revenue performance. Many parts of the country experienced major winter storms through April, which were then followed by heavier-than-normal precipitation during most of May, further delaying the start of the decking season. As a result, our trailing nine-month revenue through June was down approximately 4% compared with the prior year. We believe that the external factors influencing our sales are also impacting the overall market and that we continue to expand Trex’s industry-leading market share.”
Kaplan also noted that sales order activity in June exceeded order activity in June 2010 by 15%, and order activity in the first week of July is outpacing July of last year. “As we move further through the month, we will be in a better position to provide more detailed third-quarter revenue guidance when we report our second-quarter financial results on Aug. 1, 2011," Kaplan said.