Johns Manville honored by Insulate America
Denver, Colorado-based Johns Manville has earned the "Supplier of the Year" designation for the second year in a row by insulation contractor association Insulate America, Inc.
“The Johns Manville team continues to show a commitment to supporting our organization and providing valuable technical expertise and customer service,” said David Beam, president and CEO of Insulate America. “We’re proud to recognize their unwavering ability to provide their employees and customers with high-quality service and an innovative set of product solutions. We sincerely appreciate their partnership.”
Insulate America is a cooperative made up of locally owned, independent insulation contractors who work on residential and commercial projects. It has 185 locations in 45 states and more than 5,000 employees.
Each "Supplier of the Year" award is determined by representatives from each of the locations. Johns Manville has been recognized by Insulate America four times over the course of their 14-year partnership.
“We are incredibly humbled to have been named ‘Supplier of the Year’ for the second consecutive year by Insulate America, and we have the utmost respect for industry professionals that make up their organization,” said Fred Stephan, SVP and general manager of Insulation Systems for JM. “This award represents the dedication that the entire JM team has in providing our customers with the best insulation products and the broadest range of solutions to meet the changing needs of this industry.”
Electrolux CEO points to recovery, despite losses
Electrolux president and CEO Keith McLoughlin reflected on the company’s progress during the second fiscal quarter, pointing to prospects for growth.
However, net sales decreased by about 4.9% year-over-year, totaling $26.3 billion for the three-month period. That decrease was slightly smaller for the six-month period — 2.0%.
Meanwhile, the company posted a net loss of $92 million for the quarter. For the first six months, the company’s net income of $339 million compares to net income of $1.003 billion for the same six-month period last year.
"We will continue to launch new, innovative products in parallel with optimizing global production with a strong focus on cost efficiency," said McLoughlin. "This will enable us to continue to generate a solid cash flow and shareholder value."
McLoughlin pointed to specific cost-reduction initiatives that Electrolux is conducting in its various market segments, including one in Europe overall and a review of its manufacturing facilities in Italy.
After acquisition, PPG posts record numbers
Following its agreement last month to acquire Consorcio Comex, Pittsburgh, Pennsylvania-based PPG Industries released what it called a record performance for its second quarter.
PPG reported net sales from continuing operations of $4.08 billion, up 5.1% from $3.88 billion in the same quarter last year.
Net income increased 13.2% to $386 million.
PPG announced June 30 it had reached an agreement to acquire Consorcio Comex, a leading Latin American architectural and industrial coatings company, in a transaction valued at $2.3 billion.
“Strategically, we continue to complete significant actions focused on expanding our global coatings presence,” said CEO Charles E. Bunch. “We closed several small acquisitions this year, and most noteworthy, we reached agreement to acquire Comex – one of the highest-quality coatings businesses in the world. We are excited about the value this transaction brings to PPG."
North American architectural coatings sales grew modestly, with results differing by distribution channel, the company said.