Huttig deal bolsters financing
St. Louis-based Huttig Building Products expanded its borrowing capacity.
The domestic distributor of millwork, building materials and wood products announced it entered a deal to amend and extend its $120 million senior secured credit facility.
"We believe the amended facility will enhance our financial flexibility and provide greater liquidity to support our business growth,” said Philip W. Keipp, Huttig’s VP and CFO.
The amendment, among other things, increases borrowing capacity from $120 million to $160 million, reduces interest rate charges and extends the facility for five years from the execution date, to May 28, 2019.
General Electric Capital Corporation (GECC) and Wells Fargo Capital Finance (Wells Fargo) are co-lenders under the facility.
“While our existing credit agreement did not expire until December 2017, we believe that the current lending market, along with our improved financial performance, provides an opportunity to secure a long-term agreement, which works very well for the company,” said Keipp. “We are pleased to continue our relationship with GECC and Wells Fargo who have been valued lending partners.”
Huttig’s sales increased 9% in its most recent quarter, but it posted a net loss of $4.0 million.
APA approves three Canadian plywood mills
Three plywood mills hailing from British Columbia have been inducted into the APA – The Engineered Wood Association during its board of trustees meeting in May.
Richmond Plywood Corporation Ltd. from Richmond, B.C.; LP in Golden, B.C.; and Canoe Forest Products Limited (also from Canoe) will enjoy membership starting Aug. 1, 2014.
Richmond Plywood has been around since 1956 as a co-op, with 282 shareholders who work in production. Canoe Forest Products has been in the business since 1965 and is now part of the Gorman Family of Companies. Lastly, LP Golden has been running since 1964 and has been in the laminated veneer lumber business since 1997. LP acquired the mill from Evans Forest Products in 1999.
"We are pleased that these producers have given APA a vote of confidence, and we look forward to bringing them the full value of APA services," said Ed Elias, APA president. "With the support and participation of these producers in our Association activities and advisory committees, APA will have a stronger presence in Canada and a more diverse voice in the broader plywood industry."
According to Elias, 60% of Canada’s plywood industry is now a part of the APA.
Former Weyerhaeuser exec joins Best Bath Systems
Greg Wells, former brand marketing manager for Weyerhaeuser’s Trus Joist engineered wood products division, has joined Caldwell, Idaho-based Best Bath Systems as director of marketing.
"Greg’s breadth of marketing expertise and intimate knowledge of the building products channel will be a huge asset to Best Bath as we continue our upward momentum," said CEO Gary Multanen. "We pride ourselves on product innovation, and his strategic mindset and hands-on experience with a range of traditional and emerging communications tactics not only suit that mission, but will help carry it even farther into the building products arena."
Wells has over 20 years’ experience in marketing and sales, with eight of them spent in the building products industry.
During his eight-year tenure at Weyerhaeuser, he was responsible for all brand and product marketing strategies for the Wood Products division, which included creative strategy, public relations and advertising, multimedia campaigns and educational marketing.
Best Bath Systems is a manufacturer of walk-in showers and tubs for residential and commercial use.