HD Supply to sell industrial business unit
HD Supply has entered into an agreement to sell its industrial pipes, valves and fittings (PVF) business to Shale-Inland Holdings, an affiliate of investment firms TowerBrook Capital Partners and The Stephens Group. The purchase is expected to close in March 2012. The purchase price was not disclosed.
“After careful evaluation, we determined that divesting our Industrial PVF business is in the best interests of our company as we seek to continue strengthening our industry-leading businesses,” said Joe DeAngelo, CEO of HD Supply. “The Industrial PVF team, with the expertise of its many seasoned industry veterans, has done a tremendous job, and they can be proud that this new chapter is the result of the momentum they have built and the success of their initiatives.”
Once the sale is complete, the proceeds from the transaction will provide HD Supply with additional financial and strategic flexibility to further strengthen its portfolio, according to the announcement. As of Jan. 9, 2012, the Atlanta-based distributor had approximately $1.2 billion in available funds. This liquidity “provides ample capital to fund growth and meet its financial obligations,” the company said.
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Associated Materials appoints new CFO
Associated Materials, the Cuyahoga Falls, Ohio-based distributor of exterior building products, has appointed Paul Morrisroe as senior VP, chief financial officer and secretary. He will replace CFO Stephen Graham.
Prior to joining Associated Materials, Morrisroe held various management positions within the Barnes Group. Over the course of 15 years, he served as VP finance, precision components from April 2011 to February 2012; VP internal audit from February 2009 to March 2011; Barnes industrial group controller from 2005 to 2008; Barnes aerospace group controller from 2000 to 2004; and director of accounting and planning from 1997 to 2000.
Associated Materials is a vertically integrated manufacturer and distributor of exterior residential building products in the United States and Canada. The company’s portfolio includes vinyl windows, vinyl siding, aluminum trim coil and aluminum and steel siding and accessories, which are produced at the company’s 11 manufacturing facilities.
Associated Materials also sells complementary products that are manufactured by third parties, such as roofing materials, insulation, exterior doors, vinyl siding in a shake and scallop design and installation equipment and tools that are primarily distributed through its company-operated supply centers. The company’s products are sold primarily through its extensive dual-distribution network, consisting of 121 company-operated supply centers, through which it sells directly to its contractor customers, and the company’s direct sales channel, through which it sells to approximately 250 independent distributors and dealers, who then sell to their customers.
Based outside of Akron, Ohio, Associated Materials experienced substantial growth last year, opening new centers in Austin, Texas; Toledo, Ohio; Aurora, Ill.; and Evansville, Ind.
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Sunrise Decking now available at 84 Lumber
Sunrise Decking, a pressure-treated lumber product by Sunbelt Forest Products, is now available through lumber dealers, home centers and fence contractors across Florida, the Southeast and into the Caribbean Basin.
Treated with Ecolife, a non-metallic wood preservative and wood made by Viance, the product can be purchased in 10-ft., 12-ft. and 16-ft. lengths throughout Florida exclusively at 84 Lumber store locations.
Viance is sponsoring a deck-building challenge called the 2012 Ecolife Fish More Deck Challenge. The contest will award a team grand prize of a Tracker Pro Team 175 TF to the builder and $2500 cash to the homeowner of the winning deck selected in the Fish-More Deck Challenge.
"Deck builders and homeowners alike can ‘Take back their weekends’ by building decks with Ecolife," said Viance director of marketing Christopher Kollwitz. "We are excited about the Deck Challenge, and the opportunity to review the creativity of deck builders and homeowners across the country, especially our Sunrise Decking customers through 84 Lumber stores in Florida." For more information about the Ecolife wood treatment solution or the Fish More Deck Challenge and contest rules, visit Ecolife.Fish-More.com.
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