Menards set to expand in Grand Rapids
The nation’s third largest home improvement chain has unveiled a proposal to build a 162,500-square-foot store in Grand Rapids, Mich., according to the Grand Rapids Press. Plans were presented to the city’s planning commission, the newspaper reported, and a public hearing is scheduled for Jan. 8.
The new store will be built on the site of a former water park. A special land-use permit will be required for an open-air garden center.
The Menards is planned for a commercial area of the city that also contains a Home Depot and a Lowe’s. The new store will replace a smaller Menards unit in the same commercial area.
Menards, headquartered in Eau Claire, Wis., operates 231 stores in 11 states.
PPG Industries receives approval for major acquisition
PPG Industries will sharply expand its worldwide offerings when it acquires SigmaKalon Group, a Netherlands-based producer of architectural, decorative and protective coatings, as well as coatings for the marine and industrial markets.
The total transaction value, including assumed debt, is approximately 2.2 billion Euros (US$3.22 billion). PPG said it anticipates the acquisition will close within the next 45 days. The deal was approved this week by European Union regulators.
PPG employs more than 34,000 people worldwide with manufacturing facilities and other operations in 25 countries. SigmaKalon employs approximately 10,000 people and sells coatings in more than 40 countries worldwide.
SigmaKalon Group is owned by Bain Capital Partners, a private investment firm with interests in a number of home improvement companies. Bain Capital, along with Carlyle Group and Clayton, Dubilier & Rice, this fall purchased Home Depot’s HD Supply unit for $8.5 billion — the LBM unit of HD Supply has since been sold to Pro-Build. In October, Bain Capital also purchased the kitchen and bath assets of American Standard for $1.76 billion.
SigmaKalon makes decorative coatings under several international brands, including Avi, Eureka and Prominent Paints. SigmaKalon products are sold throughout Eastern and Western Europe, Africa and Asia. PPG brands include Pittsburgh Paints, Olympic, Monarch, Porter Paints and Manor Hill.
Idaho Veneer cuts back production
Poor market prices will lead Idaho Veneer to cut back lumber production at its Post Falls and Samuels facilities, according to a report in the Spokane, Wash., Spokesman-Review.
According to the report, company officials said the cutbacks won’t affect the approximately 100 workers at the Post Falls facility and 50 at the Samuels facility. Those employees will switch to veneer production.
Dan Malloy, company co-owner, said the veneer market has been stable while the demand for lumber has gone down sharply, due to the fact that fewer new homes are being built.
Idaho Veneer produces lumber, white pine, cedar and Douglas fir veneer for furniture at the two facilities.