Lincoln Electric makes acquisition in San Diego
Cleveland-based welding equipment company Lincoln Electric has announced the acquisition of Vernon Tool, a San Diego-based maker of computer-controlled pipe cutting equipment for the professional market.
Terms of the deal were not disclosed. Vernon Tool had 2006 sales of $9 million.
“Vernon Tool is a solid company, and we are pleased that its experienced management team will be joining Lincoln as we add the company’s product line to Lincoln’s product offering,” said John Stropki, chairman and CEO of Lincoln Electric. “This acquisition adds to Lincoln’s ability to support its customers in the growing market for infrastructure development.”
Lincoln has 36 manufacturing locations, including operations, manufacturing alliances and joint ventures in 19 countries and a worldwide network of distributors and sales offices covering more than 160 countries.
CPG International reports strong third quarter
CPG International, the parent company of AZEK Building Products, reported earnings of $342,000 in the third quarter, swinging from a loss last year of $756,000.
Sales rose 25 percent to $82.55 million compared with $65.75 million in the same period last year.
“Although the residential housing market further weakened in the third quarter, CPG continued to execute on its business plan achieving impressive growth for the quarter,” said Glenn Fischer, CPG’s interim CEO.
Highlights of the third quarter include expansion of the company’s PVC deck manufacturing capabilities, with CPG adding further manufacturing capacity at plants in Alabama and Pennsylvania. Additionally, the company kicked off a 98-store test program of its AZEK Trim product in Home Depot stores.
CPG International, based in Scranton, Pa., markets products under several brands including AZEK Trim and Mouldings, AZEK Deck and Santana Products.
Building Materials Supply expands Simpson Strong-Tie distribution
Galt, Calif.-based Building Materials Distributors announced it will expand its distribution of Simpson Strong-Tie products into Colorado, Wyoming, eastern Washington, northern Idaho and western Montana.
The new markets join BMD’s core markets in California and Nevada.
BMD became the first Simpson Strong-Tie distributor in 1952.
“BMD has been an integral part of Simpson’s success. Due to BMD’s commitment and dedication, we recently expanded our partnership. We look forward to continued success with BMD,” said Dave Simpkins of Simpson Strong-Tie.
BMD is a wholesale distributor of building materials focusing on the western United States.