LP sales increase 10% in third quarter
Nashville, Tenn.-based Louisiana-Pacific Corp. (LP) reported third-quarter sales of $507 million, up 10% from the same quarter last year.
The company said OSB prices continued to decline in the quarter, resulting in lower eanrings. LP reported income from continuing operations of $38 million, up from $31 million in last year’s third quarter.
"Each of our business segments generated positive adjusted EBITDA in the quarter," said CEO Curt Stevens.
He added: "We saw the pace of improvement in the housing market slow over the summer. However, the pace of permit activity, builder confidence and a slightly better economy should allow housing starts to grow in coming quarters."
The company’s engineered wood products segment saw sales increase to $72 million, up from $62 million in the third quarter of 2012.
In the siding segment, sales of $149 million increased 11% from $134 million.
Tri Pointe and Weyerhaeuser strike a $2.7 billion deal
Tri Pointe Homes, Inc. is merging with Weyerhaeuser Co.’s homebuilding business in a deal worth $2.7 billion, pending approval from Tri Pointe shareholders.
Weyerhaeuser Real Estate Co. will become a Tri Pointe subsidiary, with 80.5% ownership of the combined company to be distributed to Weyerhaeuser’s shareholders. Pre-transaction Tri Pointe shareholders will own the remaining 19.5%.
The transaction doesn’t include all Weyerhaeuser Real Estate assets, however; those remaining will be kept by Weyerhaeuser.
The deal is expected to close by the end of the second quarter next year.
Cemex doles out global Building Awards
Cemex has recognized the winners of this year’s Cemex Building Awards, choosing from amongst 545 domestic buildings and 185 constructed in Colombia, Costa Rica, Croatia, Guatemala, Spain, Mexico, Nicaragua, Panama, Poland, Puerto Rico and the Dominican Republic.
The winners were selected by a jury of 17 specialists from seven countries, using a number of criteria related to conceptual, technical and aesthetic qualities.
The international winner in the Housing category was Huixquilucan, Mexico-based CAP. The award in the Institutional-Industrial category went to Roberto Garza Sada Center for Arts, Architecture and Design, and Malaga, Spain-based El Palmeral de Las Sorpresas, Port Integration in Malaga City took home the accolades in the Infrastructure and Urbanism category.
For the complete list of winners, including special prizes and Mexico-specific awards, click here.
The Cemex Building Awards have been recognizing standout buildings for 22 years.