IWP warehouse destroyed
Firefighters struggled for almost 24 hours to contain a fire that broke out Wednesday evening at the International Wood Products distribution center in Clackamas, Ore. No cause has been identified for the blaze, which destroyed most of the company’s inventory of composite decking, vinyl siding, millwork, lumber and panels.
Damages were estimated in the millions by one local television station. There were no injuries. Approximately 70 firefighters battled the blaze, their efforts hampered by tall stacks of sheet goods, power lines, hazardous fumes and concrete barriers installed to guard against theft, according to news reports.
Government bans sale of some Scotts products
Scotts Miracle-Gro, a supplier of lawn and garden products, said it received orders from U.S. environmental regulators prohibiting the sale and use of several products, including certain pesticides, according to a report from Reuters.
In a regulatory filing, the company said the U.S. Environmental Protection Agency (EPA) had issued “Stop Sale, Use or Removal Orders” on several of its products, including Season Long Max Weed and Grass Killer Plus Preventer, Weed B Gon Lawn Weed Killer and Ortho Roach Ant and Spider Killer.
“Scotts Miracle-Gro withheld these seven pesticide-containing products that were in the filing,” Scotts spokeswoman Carrie Butler told Home Channel News. “We have voluntarily withheld them from the shelves since June, when there were found to be problems with the labels. The EPA released the product names on Sept. 15 and is allowing us to sell these products after they have been re-labeled.”
Scotts Miracle-Gro said it does not expect delayed shipments of the affected products — which account for less than 1 percent of the company’s sales — to have a material impact on its financial results for fiscal year 2008 or fiscal year 2009.
However, the company expects costs related to all product recalls and known registration issues related to the ongoing investigation to range from $50 million to $55 million in fiscal year 2008 and about $10 million in fiscal year 2009.
Home channel stocks feel the pain
Wall Street continued to dominate the news wires yesterday as the Dow Jones Industrial Average sank almost 450 points, or 4.06 percent. The home channel certainly felt some of the financial pain. Shares of Home Depot and Lowe’s both dropped more than 7 percent in value on the day.
Among other major movers in the home channel yesterday, Louisiana-Pacific shares declined $1.13, or 10.98 percent, to $9.16; and Scotts Miracle-Gro declined $2, or 6.96 percent, to $26.75.
Only two of 20 home channel stocks tracked by Home Channel News showed gains. Simpson Manufacturing increased 78 cents to $28.55, up 2.81 percent, and Builders FirstSource gained slightly.