The Home Depot will buy a supplier
The Home Depot will acquire Irving, Texas-based U.S. Home Systems, the retailer’s exclusive provider of kitchen and bath refacing products and services, as well as closet and garage organizational systems.
The $93.4 million deal was unanimously approved by USHS’s board of directors and is expected to close by the end of the calendar year. Under the terms of the agreement, The Home Depot will acquire USHS for $12.50 per share in cash, which represents an approximately 38% premium over USHS’ closing price on the NASDAQ Global Market on Aug. 6, 2012.
"The Home Depot has had a long-standing relationship with USHS. By formally bringing USHS into The Home Depot family, we expect to further enhance our customers’ home service experience," said Kevin Hofmann, senior VP Home Services, The Home Depot.
The Home Depot also recently acquired former supplier MeasureComp, which provides a floor plan measuring service. The acquistion was announced during the retailer’s last earnings call.
In Canada, Teamsters oppose Lowe’s bid for RONA
While Lowe’s offer sheet said it would protect Canadian jobs – or even expand them – if it were to acquire Quebec-based RONA, the Canadian Teamsters aren’t so sure.
The Teamsters Union in Canada has come out against a Lowe’s takeover play for RONA, which the Teamsters describe as “a Québec jewel in the hardware and renovation industry.”
"We’re against this potential sale because there are too many unknowns for the members we represent at RONA," commented Serge Bérubé, President of Teamsters Local Union 1999. "We don’t want them to end up like the workers at Zellers."
The comment refers to workers at Canadian brand Zellers, which is seeing 100 stores converting to Target locations. The fate of thousands of former Zellers workers is unclear and the uncertainty is generating protests in Canada.
In an earlier pitch to RONA, Lowe’s CEO Robert Niblock wrote: “We expect that the number of people employed by RONA today, both within Quebec and across the rest of Canada, would be the same or greater following the transaction and believe that the combined entity would offer significantly enhanced growth opportunities benefiting all of our employees.”
Rona’s management rejected the bid, but Lowe’s could sweeten its offer in the coming weeks.
San Francisco leads top 10 eco-friendly list
California cities dominate the top-ten Eco-Friendliest Cities list assembled by small business-oriented web site thumbtack.com
San Francisco, Oakland and San Jose rank one, two and three on the list, which measures the per capita prevalence of a representative group of ten types of green services. More details about the data are here.
Here are the top ten eco-friendly cities from the list:
1. San Francisco
2. Oakland, Calif.
3. San Jose, Calif.
4. Las Vegas
5. Raleigh, N.C.
6. Columbus, Ohio
7. Seattle, Wash.
8. Kansas City, Mo.
9. Denver, Colo.
10. San Diego, Calif.