Management structure shifts at Armstrong
Armstrong World Industries has announced several changes to its management structure, which are scheduled to go into effect Nov. 16.
Most notably, Armstrong Flooring Products CEO Frank Ready will be retiring after 30 years with the company. Armstrong CFO Thomas Mangas will take his place, who will in turn be succeeded by Armstrong Building Products VP finance David Schulz.
"I would like to thank Frank for his 30 years of dedicated service," said Armstrong CEO Matthew Espe. "His many contributions will be felt for years to come. In Tom Mangas, we have a well-seasoned leader, whose global mindset and customer focus will enable our flooring business to fully leverage recent investments and have a bright future. I am equally excited to welcome Dave Schulz as my new finance leader. The ability to quickly fill these positions from within is a clear demonstration of the effectiveness of our organization vitality and succession planning processes."
Mangas has been overseeing the company’s finance operations, as well as information technology, global business services and process improvement, since he assumed the CFO role in 2010.
Schulz has been with the company since June 2011. His resume also includes a 14-year stint with Procter & Gamble and the J.M. Smucker Company in various financial capacities.
Ply Gem sales up 33.1% in Q3
Ply Gem Holdings, Inc. released financial results for the third quarter ended Sept. 28, 2013, which highlighted a year-over-year transition into the black for the company in terms of its net income.
Net sales also received a hearty boost of 33.1% compared to the third quarter of 2012, increasing to a total of $407.4 million. The growth was even sharper for the Windows and Doors segment, which increased by 41.8%. Net sales for Siding, Fencing and Stone grew 26.9%.
That said, the acquisitions of Gienow and Mitten factored heavily into the robust growth. With the impact of these acquisitions excluded, net sales increased 9.9%, Windows and Doors grew 16.6% and Siding, Fencing and Stone was up 5.2%.
Meanwhile, net income came in at positive growth of $16.9 million, compared to 2012’s third-quarter loss of $3.7 million.
“Ply Gem continued to execute during the third quarter as the new construction market drove further demand for our products while channel inventory levels improved," said president and CEO Gary E. Robinette. “The housing market recovery is still in the early stages, however, I am encouraged by the favorable trends in the market and the significant demand it is creating for our products. Our expectation is that the housing market will continue its recovery into 2014 and 2015, and I remain confident in Ply Gem’s ability to capitalize on the market recovery. We remain focused on executing our strategic initiatives and solidifying our position as a leading building products manufacturer."
Robinette also added that revenue growth led by the Windows and Doors segment has resulted in the addition of extra labor resources intended to scale operations to meet the demand.
Council describes urgent need for forest management
At a meeting in Istanbul, Turkey, this week, a group of like-minded forest product companies reached an agreement. They agreed that reducing forest loss is a global societal priority requiring immediate and concerted action.
At its meeting, the World Business Council for Sustainable Development (WBCSD) Forest Solutions Group announced the need to significantly scale up sustainable forest management.
The 26 companies in the group, which describe themselves as committed to transforming forest-related challenges into forest-based opportunities and solutions, are responsible for nearly 40% of annual global forest product, paper and packaging sales.
The companies endorsed the announcement following an international discussion including three forest certification systems — the Forest Stewardship Council, the Sustainable Forest Initiative and Programme for the Endorsement of Forest Certification — at WBCSD’s Council Meeting in Istanbul, Nov. 4.
One of the companies in the group is Weyerhaeuser.
"Our collective statement today and our stakeholder membership in PEFC aligns with our commitment to responsible fiber sourcing, especially from family-owned forests," said Weyerhaeuser VP for Sustainable Forestry Cassie Phillips.
Earlier this year, Weyerhaeuser attained international stakeholder membership in the Programme for the Endorsement of Forest Certification, the world’s largest forest certification system and the certification system of choice for small, non-industrial private forests. PEFC, which is made up of large forest owners and hundreds of thousands of family forest owners around the world, has endorsed two North American certifications standards, including the Sustainable Forestry Initiative. In the United States, PEFC also endorses the American Tree Farm System, which means landowners certified to SFI and Tree Farm also comply with the PEFC’s internationally recognized sustainability benchmark.