Masonite’s loss widens in Q1
Masonite International Corporation posted disappointing results in the first quarter of 2014, with a deeper cumulative loss and a sluggish sales pace that was, like for so many others, attributed to the harsh winter weather.
Net sales decreased 0.5% to $422.5 million for the three months ended March 30, which was partially explained by a 4.5% drop in unit volumes counterbalanced by a 5.7% increase in average unit price.
Meanwhile, net loss increased to $16.6 million from 2013’s loss of $5.8 million.
“Unusually harsh winter conditions negatively affected unit volume demand and led to increased costs across the North American business,” said Fred Lynch , president and CEO. “While first quarter results in the absolute were disappointing, we remain optimistic the U.S. housing market will accelerate throughout the balance of the year and believe the 5.7% increase in average unit price is a good ‘first step’ towards realizing appropriate value for the high quality products and services we provide.”
LP-Ainsworth deal blocked over antitrust concerns
After months of regulatory delays, Ainsworth has announced that the planned acquisition of the company by Louisiana-Pacific (LP) has been blocked over antitrust concerns by U.S. and Canadian regulators, pending the sale of additional assets.
In order for the transaction to forward, the companies may need to divest one or more of their existing operations.
"Although LP and Ainsworth continue to explore possible solutions and alternatives, Ainsworth is currently unable to determine whether, when or the terms upon which a transaction may be completed," said the company in a statement.
HCN reported in April that the deadline for the acquisition completion was pushed back a third time to June 2, 2014.
The $1.1 billion deal, which is aimed at strenghening LP’s market position by leveraging Ainsworth’s access to international growth markets at a critical period in the housing recovery, had been originally announced in September 2013.
Boise Cascade names Tom Corrick EVP Wood Products
Boise Cascade Company has put Tom Corrick in charge of its Wood Products segment.
Officially taking the title of EVP, Corrick will assume leadership immediately, replacing Tom Lovlien, who is retiring on June 30.
"Tom has done an outstanding job growing our engineered wood products business and introducing our Boise Improvement Cycle for process improvement throughout Wood Products," said CEO Tom Carlile. "He also played a key role in our recent successful IPO process."
Corrick has been with the company since 1980 and has held various financial, planning, and operating positions since. He was tapped as EWP general manager in 1999, VP in 2004, and SVP in 2011, and is credited with playing a major role in the expansion of the segment over the last 15 years.