Ingersoll Rand CIO tapped for award
The Charlotte Business Journal awarded Steve Hagood the ‘CIO of the Year’ in recognition of his significant contributions to Ingersoll Rand’s bottom line. Hagood is the VP and chief information officer for Ingersoll Rand.
Hagood develops and executes Ingersoll Rand’s information technology (IT) strategies. His innovative use of IT to optimize business processes, enable growth, and create competitive advantage and a better IT customer experience helped him secure this prestigious honor.
Ingersoll Rand brand’s include Club Car, Ingersoll Rand, Thermo Kin and Trane.
“Steve is a highly respected role model with a strong commitment to professional excellence,” said Michael W. Lamach, chairman and CEO of Ingersoll Rand. “He has helped enable Ingersoll Rand’s growth and productivity through business-focused technology products and services. We congratulate him on this honor and for his outstanding contributions to the company, as well as to the Charlotte community.”
Hagood joined Ingersoll Rand from the Goodrich Corporation, where he served as the VP and CIO since 2003. With 30 years of experience, Hagood has worked in executive roles in the aerospace and defense, manufacturing and service industries.
Big plans for Sears Outlet Stores in Kansas City
A big boost to the supply chain infrastructure of Sears Outlet Stores is expected to come online in the fall when the company reopens a revamped Sears facility in Kansas City, Missouri.
Sears Outlet Stores, a subsidiary of Sears Hometown and Outlet Stores, has leased the former Sears location on E Front Street, expanding Outlet Store operations and services.
"We’ve processed product and remained open to the public during the repurposing process, as we continue to renovate and expand the facility previously occupied by Sears Holdings," said Peter Nero, VP real estate for Sears Hometown and Outlet Stores. He added that Sears has been a presence in the community since 1968.
Originally leased by Sears Holdings Corp., the facility included warehousing, distribution, repair service and a Sears Outlet retail location. The lease of the 354,000-sq.-ft. property was taken over by Sears Hometown and Outlet Stores earlier this year. As Sears Holdings Corporation wound down its operations in this location, situated on railroad tracks, Sears Hometown and Outlet Stores saw the opportunity to expand and began repurposing and renovating the facilities in the Spring of 2014. The company expects to have the project complete and operations fine-tuned by early fall of this year.
The company said the massive size of this location allowed Sears Outlet Stores the ability to develop a new central distribution center for the South-Central region. This new repair and distribution center is expected to create nearly 160 new jobs to be filled by Kansas City locals.
In addition to the development of this new distribution center, Sears Outlet Stores have invested in updating and remodeling both its retail location and the building’s exterior. The retail space in this location has expanded over 50%, increasing the selection of home appliances, lawn and garden equipment, tools, sporting goods and household goods.
The retail store now has more than 27,000 sq. ft. of retail selling space.
Newell Rubbermaid to acquire water bottle company
Newell Rubbermaid is paying $308 million for Ignite Holdings, a manufacturer of reusable water bottles and travel mugs under the Contigo and Avex brands.
Ignite Holdings is currently under North Castle Partners, a private equity firm with a focus in healthy living products. The company has exhibited a track record of growth, with a historical four year sales CAGR of 35%.
"Ignite has a great track record of growth, establishing a leading share position in two of the fastest growing consumer durable categories in North America," said president and CEO Michael Polk. "Their commitment to leverage great design to deliver differentiated products is evident in their results. The acquisition of Ignite marks the next step in the Growth Game Plan as we transform Newell Rubbermaid into a larger, faster growing, more global and more profitable company."
Upon completion of the acquisition, the business will become part of Newell Rubbermaid’s Home Solutions segment, joining the Rubbermaid, Calphalon, Goody and Levolor brands.
"Ignite’s focus on design, product performance and constant innovation is a seamless fit with our Growth Game Plan strategy," said Mark Tarchetti, chief development officer. "This acquisition creates the opportunity to build a global beverage container business leveraging both the premium Contigo and mainstream Rubbermaid brands. We intend to invest behind the business to build on Ignite’s current strong momentum, expanding product lines, channels of distribution and geographic footprint over time."
The transaction, which Newell Rubbermaid says will add $125 million in revenue to its coffers in 2014, is expected to close by the third quarter of this year. Some of that profit will be reinvested in the growth of the Contigo and Avex brands.