LP-Ainsworth deal delayed again
It’s the timing agreement that just won’t quit.
Louisiana-Pacific Corporation and Ainsworth Lumber Co. announced Friday that they were extending the outside date for completion of the acquisition — a third time.
LP’s acquisition of Ainsworth was most recently scheduled to be completed by April 18, but that deadline has now been pushed back to June 2, 2014.
The extension was made to give more time for review with the Canadian Competition Bureau and the Antitrust Division of the U.S. Department of Justice.
The $1.1 billion deal, which seeks to boost LP’s market position via Ainsworth’s access to international growth markets at a critical period in the housing recovery, had been announced in September 2013. However, the waiting period was extended first in November after the DOJ requested additional information from the companies, and again in February to make time for further regulatory reviews.
GE brings LED technology to Fisherman’s Wharf
GE is behind the latest eco-forward move in San Francisco — specifically, that of the iconic 16-ft. crab wheel at the gateway of Fisherman’s Wharf.
Together with the Arrow Sign Company, GE helped restore the landmark with new LED sign lighting systems that will save an estimated 80% in lighting energy usage.
“We reviewed several contractor bids and one of the main factors to choose Arrow Sign Company was its use of GE products,” said Troy Campbell, executive director of Fisherman’s Wharf CBD. “We knew LED technology had the right long-lasting, energy-saving benefits for us, and we felt confident in the GE brand.”
Replacing the traditional fluorescent tube lighting was GE’s Tetra PowerStrip LED sign lighting, which uses 676 watts compared to 4,000 watts with the previous technology. The landmark is also expected to see fewer maintenance hours as a result.
Campbell added that tourists are appreciating the sign’s "bright, even glow" and "uniform, one-color appearance."
Sherwin-Williams rakes in more cash (but not earnings) in Q1
The Sherwin-Williams Company announced mixed results Thursday for the first quarter of 2014, which saw greater top-line revenue for the company that wasn’t matched by its net income performance.
Net sales for the three months ended March 31 were $2.37 billion, up 9.2% from $2.17 billion the year before. Sherwin-Williams attributed the increase primarily to higher paint sales volume in the Paint Stores Group and acquisitions, which accounted for 4.5% of the increase alone. Net sales in the Paint Stores Group increased 16.4% to $1.36 billion.
In terms of net income, the company pulled in $115.5 million, down from $116.2 million in 2013.
"The Paint Stores Group architectural volume growth was strong across all end market segments," said chairman and CEO Christopher M. Connor. "The Comex acquisition performed better than expected in the quarter. Although the impact of harsh weather on domestic sales in the quarter was modest, it did disrupt supply chain operations and service driving up costs in the Consumer Group. Our Global Finishes Group continues to improve its operating margins through improved operating efficiencies. The Latin America Coatings Group despite the continued difficult environment is minimizing the impact on its core operating margins through selling price increases and good cost control."
Connor added that the company opened 17 new locations in the Paint Stores Group, and expects to open 80 to 90 new stores this year in total.
Sherwin-Williams recently canceled its bid for Comex Mexico, but it did complete the successful acquisition of the U.S. and Canadian Comex divisions. Connor was referring to those business units in his quote.