Jeld-Wen CFO departs
Window and door manufacturer Jeld-Wen announced that executive VP and CFO Neil Stuart has resigned, effective Sept. 28. No reason was given for his departure.
The Klamath Falls, Ore.-based company expects to name a successor shortly. Stuart has agreed to stay engaged with Jeld-Wen through October to help with a smooth transition, the announcement said.
Stuart became CFO at Jeld-Wen in 2009, and was credited with leading a bond sale that kept the private door and window manufacturer afloat during the housing bust. The family-owned company was taken over last year by the Onex Co., a Toronto private equity firm.
Prior to Jeld-Wen, Stuart was CFO of Pope & Talbot in 2007 when the Portland wood products company filed for bankruptcy.
“[Stuart] has played a key role at the company during one of the most challenging times the building industry has faced,” said Jeld-Wen president Philip Orsino. “He has led significant change in the company and helped position it to grow and prosper, including his efforts in the successful recapitalization involving the equity investment by Onex Corp.”
After review, Southern Pine gets good report card
The Southern Pine Inspection Bureau (SPIB) has submitted its proposed design values for all grades and sizes of visually graded Southern Pine dimension lumber to the American Lumber Standard Committee (ALSC), which will meet on Oct. 18, 2012, to hear testimony from interested parties. The ALSC board of review will then make a final decision regarding any new design values.
The SPIB analysis of the full in-grade test data resulted in a recommendation of smaller reductions for the wider widths and higher grades as compared with the No.2 2x4s, and even some small increases as compared with current design values. The analysis also resulted in upward revisions to some of the new design values that became effective June 1, 2012, based only on No.2 2×4 data.
There is no proposed change in Southern Pine’s specific gravity value of 0.55. Design values for shear and compression perpendicular-to-grain also will not change.
“The results are encouraging, better-than-expected news for Southern Pine lumber producers and users,” said Cathy Kaake, VP technical marketing for the Southern Forest Products Association. “For example, the impact on joists, rafters and headers is smaller than originally projected due to smaller reductions for the wider widths commonly used for those applications.”
Universal Supply acquires cabinet company
New Jersey pro dealer Universal Supply has purchased American Classic Cabinet Co., a kitchen and bath showroom in Haddonfield, N.J. This acquisition adds a fourth design center to the LBM chain, which also operates showrooms in Trenton, Hammonton and Egg Harbor Township.
In addition to selections by Rutt and Signature, American Classic Co. will now offers cabinets by top-rated national manufacturer Wellborn, as well as a full line of solid-surface countertops from granite to Cambria. The Haddonfield showroom is being re-designed to fully demonstrate the depth and breadth of its offerings.
“I know this expanded product offering will bring new opportunity to builders, remodelers and contractors from Medford to Moorestown to Audubon,” said American Classic Cabinet Co. founder Gary Okulanis.
“We are eager to partner with [American’s] customers on all their building supply needs, such as roofing, siding, windows, doors, millwork and decking, in addition to cabinetry,” said Universal Supply president Jeff Umosella.
With 11 locations in Southern Jersey, Universal Supply Co. serves the entire state, as well as southeastern Pennsylvania and northern Delaware. The company is part of US LBM Holdings, based in Green Bay, Wis.