Insurers PLM and ILM to join forces
Indiana Lumbermens Mutual Insurance Company and Pennsylvania Lumbermens Mutual Insurance Company today announced that they have executed agreements to affiliate their respective companies.
Once effective, the affiliation will result in common management, shared services and pooled reinsurance. The headquarters of the newly affiliated group will be in Philadelphia, Pa., with significant operations to be performed in Indianapolis. John F. Wolf, who currently serves as president and CEO of Indiana Lumbermens Mutual, will retire from that position and become a member of the board of directors of both companies.
John K. Smith, President and CEO of Pennsylvania Lumbermens Mutual, will serve as CEO of the integrated organization.
"This combination is an opportunity to capitalize on the strengths of each organization for the benefit of all," said Smith. "It will allow us to offer a broader and financially stronger market for the insureds of both companies, and a more secure workplace for employees. I truly believe that we are building the premiere property and casualty insurance marketplace for wood products and building material businesses in the United States."
Mr. Wolf noted, "Together we’re better — for stakeholders of both companies, and so I look forward to working with John and his team to make sure we do this right and maximize this opportunity. The potential for a new service center is something that I am particularly excited about, since it will capitalize on many of the workforce strengths that we have here in Indianapolis."
The affiliation agreements are subject to approval by the applicable departments of insurance, a process that management expects will be successfully completed by year’s end.
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Unified Purchasing Group joins NLBMDA
The National Lumber and Building Material Dealers Association (NLBMDA) announced that Unified Purchasing Group (UPG) is the newest member of the NLBMDA’s Manufacturers and Services Council (MSC).
The council is composed of the leading building material manufacturers and service providers serving the LBM industry.
The members of the council share a commitment to promoting and enhancing the success of independent dealers and regional chains.
Unified Purchasing Group was established by bringing together independent suppliers in the construction industry and leveraging their collective purchasing power to negotiate volume discounts on commonly used products and services.
"Joining NLBMDA will allow us to build on our goal of supporting independent suppliers and dealers. We know from our business model that bringing together businesses with a common interest, far more can be accomplished together than alone," said Sean Overholt, VP partner development at UPG. "Our company looks forward to a valuable relationship with NLBMDA and the Manufacturers and Services Council."
Through UPG, members enjoy economies of scale that balance the leverage between purchasers and suppliers and help manage supply and operating costs. Members recognize the immediate cost-savings benefits and continue to spread the word. As a result, UPG and its membership continue to enjoy exponential growth, and with that growth, a continual increase in purchasing leverage and strength.
UPG consists of more than 20,000 member companies with a representation of more than 2 million employees nationwide and more than $400 billion in annual sales revenue.
UPG member companies exist across the entire spectrum of the supply chain for the construction industry — from architects and engineers who first conceptualize and plan the projects through the manufacturers, suppliers and distributors of durable goods such as lumber, concrete, shingles and landscaping supplies who finish them.
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Q.E.P. closes Plasplugs deal
Q.E.P. CO., Inc. has recently closed the deal on its acquisition of Plasplugs, which includes its trade name and other assets.
"Combined with the company’s recent purchase of the Homelux business, the Plasplugs products will further enhance the global QEP product offering by adding another established range of fasteners, tiling tools and power tools," said Lewis Gould, chairman of Q.E.P.’s board of directors.
Q.E.P., a worldwide manufacturer of flooring and industrial solutions, stands to benefit from the purchase of the wall anchor company, which also deals in fasteners, sharpeners, tiling tools, tile cutters, saws, knives, abrasives, electrical products and power tools.
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