Kodiak Building Partners strikes deal with Barnsco
Kodiak Building Partners has agreed to acquire Dallas-based Barnsco Inc., a fabricator and distributor of rebar and concrete accessories for commercial construction and road-building applications in North Central Texas and Southeastern Michigan.
"We are very excited about joining forces with the Barnsco team," said Kodiak president and COO Steve Swinney. "Combined with Barton Supply, Kodiak’s first acquisition over three years ago, we now boast a diverse footprint for steel fabrication and distribution in Texas, Colorado and Michigan and expect to continue expansion in the steel platform in the months and years to come."
Kodiak chairman and CEO Paul Hylbert commented that the Barnsco acquisition builds upon Kodiak’s expanding presence in the booming Texas market, which also includes Gulf & Basco, Factory Builder Stores and AO Door.
The deal, which is slated to close early in the third quarter, remains subject to standard closing conditions. The exact terms were not disclosed.
Norcraft sees business momentum
Manufacturer of kitchen and bathroom cabinetry Norcraft Companies reported sales and earnings gains for its second quarter.
The Eagan, Minnesota-based company posted net sales of $97.6 million, up 8.1% from the previous quarter. It also saw net income increase from $9.1 million to $11.2 million.
“We are encouraged by our continued improvement on multiple fronts with growth in our net sales, net income and cash flow providing momentum into the back half of 2014,” stated Mark Buller, chairman and CEO. “Our ongoing shift in product mix towards higher end products remains on track for all our divisions as a result of our strategic growth initiatives. Our improved Adjusted EBITDA reflects our vigilant focus on costs, with our net income further benefiting from this focus and our dramatic reduction in interest expense. We are pleased with our progress during the quarter and excited to continue leveraging our well-positioned platform to further drive profits and cash flow.”
The company went public late last year.
ESL and Interlogix recall fire alarms
The Edwards (ESL) and Interlogix brands are recalling 33 models of their 400 and 500 series smoke alarms, citing a tendency to malfunction.
According to the Consumer Product Safety Commission, the alarms have been found to fail to alert consumers of a fire due to radio frequency interference.
There have yet to be any incidents or injuries reported, however.
The recall affects about 141,000 units in the U.S. and 13,000 in Canada of the 400 and 500 series Edwards (ESL) and Interlogix branded smoke detectors, which are identical. They are round, white and are about 6 inches across, with date codes 13084 through 14059.
The CPSC urged consumers to contact their security or fire system providers if they suspect they have may have an affected unit. Consumers can receive free replacement and free installation of new smoke detectors.
The Chinese-manufactured alarms were sold through contractors, dealers and installers for use in commercial buildings, hotels and motels, apartments, dormitories and homes between March 2013 and February 2014.