Menards to take on Detroit
Midwestern retailer Menards is planning four stores in the Detroit market, where it currently has no presence, according to an article in the Detroit News.
Menards spokesman Jeff Abbott told the newspaper that the home improvement chain hopes to open stores in Warren, Livonia, Belleville and Chesterfield Township sometime next year.
In Metro Detroit, residential building permits rose 25% in 2011, according to the Southeast Michigan Council of Governments. But high unemployment persists, affecting the overall economy.
Residential construction rises in April
Figures released by the U.S. Commerce Department put overall construction spending during April 2012 at $820.7 billion, a 0.3% rise over the adjusted figures for construction spending in March 2012.
Spending on private construction was reported at $549.7 billion, 1.2% above the revised March estimate of $543.4 billion. Residential construction saw some of the biggest gains at $256.1 billion during April 2012, a 2.8% increase over the previous month.
Non-residential construction was at a seasonally adjusted annual rate of $293.6 billion in April, 0.2% below the revised March estimates.
In public construction, the estimated annual rate of spending was $271.0 billion, 1.4% below the revised March estimate. Educational construction was almost flat at 0.9 %. Highway construction was at a seasonally adjusted annual rate of $77.3 billion, or 0.4% above the revised March estimate of $77.0 billion.
BMD acquires Master Fasteners International
Building Material Distributors (BMD), a wholesale distributor of specialty building materials, on Monday announced its acquisition of Master Fasteners International and Fastener Source.
BMD will be merging Fastener Source and Master Fasteners under the single name of Master Fasteners International, and will operate the company as a wholly owned subsidiary of BMD. The acquisition of Master Fasteners, an importer and wholesaler of fine wire and pneumatic fasteners, will allow BMD to expand on their previously established market position within the fastener industry.
“We believe that Master Fasteners’ proven capabilities in the fastener market align very well with BMD’s strategy and enhance our ability to drive value in the channel by making our customers and suppliers more successful,” commented Jeffrey Gore, president and CEO of BMD. “Master Fasteners adds to our already significant capabilities in this product line, with a depth of technical expertise and strong channel partnerships that clearly open up new markets and opportunities. We are excited about the collective team that is created by this acquisition and look forward to the new joint venture.”
Headquartered in Long Beach, Calif., Master Fasteners International was founded in 1994 by Christopher T. Miller. Master Fasteners distributes pneumatic fasteners to Specialty Tools and Fasteners Distributors Association (STAFDA) members and OEM companies throughout the United States.