Home Depot will issue sales view update next week
In light of the sale of HD Supply, Home Depot will offer a revised view of its sales outlook for the year.
On July 10, the company will hold a conference call from 9 a.m. to 10:30 a.m. to update its fiscal 2007 sales and earnings guidance. A webcast of the update will be available on the company’s investor relations Web site.
Home Depot announced the sale of its HD Supply division for $10.3 billion on June 21. The new owners of Home Depot’s pro-oriented division are Bain Capital Partners, the Carlyle Group and Clayton Dubilier & Rice.
Joe DeAngelo, the CEO of HD Supply, will stay with the business, and the deal is expected to close in the third fiscal quarter. HD Supply has made a short-term transaction services agreement with its new owners to help with the transition.
At least one HD Supply subsidiary, Crown Bolt, will remain as a long-term supplier to Home Depot, company officials said, referencing a seven-year contract.
Pro-Build purchases Tennessee-based distributor
Denver-based Pro-Build Holdings has purchased the assets of Crosslin Supply, a distributor of lumber, millwork and building products operating in the greater Nashville, Tenn., market. Terms of the deal were not disclosed.
Crosslin has facilities in Franklin, Spring Hill and Smyrna, Tenn. The company was founded in 1933.
“The team at Crosslin Supply will be a great addition to our existing team in the Nashville area,” said Buddy Ables, president of Pro-Build’s East region. “Nationally, Nashville ranks in the top 20 markets with respect to permit activity.”
Crosslin executives Eddie Crosslin and Greg Davis will remain in general management roles responsible for Smyrna and Franklin operations, respectively.
“The Crosslin family is very enthusiastic about joining forces with the Pro-Build family of companies,” Crosslin said.
Pro-Build, headquartered in Denver, operates more than 500 lumberyards, truss plants and assembly facilities in 40 states. The largest pro dealer in the United States, Pro-Build posted sales of $5.95 billion in 2006.
Builder group plans huge Las Vegas project
A consortium of home builders, including national companies Lennar, Pulte, KB Home and Toll Brothers, are planning a 16,000-home development northwest of Las Vegas, according to a report by the Associated Press.
The group won an auction in 2005 put on by the Las Vegas Bureau of Land Management on the 1,712 acre property, known as Kyle Canyon Gateway. The cost of the land deal was not disclosed.
Further home builders involved in the deal are Woodside Homes, Kimball Hill Homes, Meritage Homes and Ryland Group
The home builders did not say when construction would begin on the development.