John Crowe named CEO of both CertainTeed and Saint-Gobain
Saint-Gobain, the world’s largest building materials company, has announced the appointment of John Crowe as president and CEO of Saint-Gobain Corp. in North America and CertainTeed Corp.
According to Crowe, the move comes at a time when the company is investing in research and innovation across all its businesses to improve buildings, making them more efficient, durable, sustainable and healthy.
“Within CertainTeed, we’ve already developed sustainable building products that reduce noise, improve air quality, save energy and more,” Crowe said. “Within the broader Saint-Gobain family of companies, we’re developing innovative solutions such as substrates for LED and OLED sustainable lighting, as well as intelligent, energy-efficient glass that automatically switches from clear to tinted."
The company is also investing in solar power initiatives.
"My role is to help keep Saint-Gobain and CertainTeed at the forefront of this wave of innovation, while continuing to serve our customers with the high-quality, sustainable building products they need today," said Crowe, who takes on these two roles effective Sept 1.
As president and CEO of Saint-Gobain Corp., Crowe will act as Saint-Gobain’s representative in North America, overseeing the company’s North American businesses and chairing the company’s Executive Committee. In this role, he succeeds Gilles Colas, who will return to Saint-Gobain’s Paris headquarters as SVP in charge of global strategic developments.
In addition, Crowe will assume operational responsibility for CertainTeed, following in the footsteps of Peter Dachowski, who will retire as president and CEO on Aug. 31, after 35 years of service in a wide variety of senior leadership roles at Saint-Gobain and CertainTeed.
USG to close nine locations
USG Corp., a manufacturer of Sheetrock and other building materials, will close eight of its L&W Supply distribution branches by the end of the third quarter, according to an Aug. 25 filing with the Securities and Exchange Commission (SEC). The Chicago–based company will also shutter its Nevada custom door and frame business.
USG will record charges of approximately $7 million to $8 million in the current and future fiscal quarters related to these closures, the SEC filing said. The company expects to incur cash expenditures of approximately $6 million to $7 million in the current and future fiscal quarters in connection with the closures.
The locations of the L&W Supply branches slated for closure were not revealed.
Earnings up, deliveries down at Toll Brothers
Luxury home builder Toll Brothers reported mixed results for its third fiscal quarter, with profits up but revenues down as cancellations increased and orders for new homes slowed.
Net earnings for the third quarter, which ended July 31, were $42.1 million, a 54% increase, but they included a one-time tax benefit of $38.2 million. This compares with net income of $27.3 million in the same period a year ago, which included a $26.5 million tax benefit.
Third-quarter revenues and home-building deliveries of $394.3 million and 693 units decreased 13% in dollars and 14% in units, compared with fiscal year 2010’s third-quarter results.
Signed contracts in the third quarter rose 2%, to $406.7 million and 713 units, compared with fiscal year 2010’s third-quarter signed contracts. The company’s contract cancellation rate was 7.4% in the third quarter of fiscal year 2011, compared with 6.2% in fiscal year 2010’s third quarter.
Toll Brothers serves move-up, empty-nester, active-adult and second-home buyers and operates in 19 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas and Virginia.