M/I Homes amends credit agreement
Columbus, Ohio-based home builder M/I Homes said it has renegotiated the terms of a credit agreement with JP Morgan Chase, allowing the home builder to borrow $500,000 under its credit line, down from a credit line of $650,000.
As part of the agreement, M/I Homes can lower its interest coverage ratio, according to the company’s filing with the Securities and Exchange Commission, which could result in lower interest payments.
M/I Homes most recently reported a second quarter loss of $42.6 million, compared with profit of $18.3 million in the same period last year. The company was hit with $72.1 million in charges, mostly related to abandoning land option contracts.
Additionally, the company saw the number of homes delivered in the second quarter fall 24 percent, from 987 homes last year to 755. New contracts were down 10 percent to 688 from 764 last year.
M/I Homes builds single-family homes in Ohio, Illinois, Indiana, Florida, North Carolina, Delaware, Virginia, Maryland and Washington D.C.
Sherwin-Williams to acquire Columbia Paint & Coatings
Paint and coatings giant Sherwin-Williams has announced it will acquire Spokane, Wash.-based Columbia Paint & Coatings. Terms of the deal were not disclosed.
Columbia operates 41 company-owned stores in the Northwest and West regions of the United States. Operations are located in South Dakota, North Dakota, Wyoming, Montana, Utah, Idaho, Nevada, Oregon, Washington, Alaska and Arizona.
Columbia caters to professional painting contractors, builders and DIYers. The company has been in operation for 60 years. Columbia will be merged into Sherwin-Williams and become a subsidiary of the Cleveland-based company.
“We at Columbia Paint are very excited about this merger and are confident that it will allow us to provide a stronger level of service and support to our customers, both now and in the future,” said H.H. Larison, CEO of Columbia Paint & Coatings.
“After the transaction is completed, Columbia’s paints and coatings will continue to be provided through Columbia’s existing stores,” explained Sherwin-Williams CEO Christopher Connor.
Sherwin-Williams operates 3,226 company-owned stores in the United States and manufactures paint and coatings under the names Dutch Boy, Krylon, Minwax and Thompson’s Water Seal.
Alcoa to close Georgia aluminum products facility
Aluminum products giant Alcoa will close a Tifton, Ga., soft-alloy extrusion plant and sell two others, in Plant City, Fla., and Warren, Ohio, for an undisclosed sum.
The facilities manufacture building materials, such as window frames and door frames. No buyer could be found for the Tifton plant, the company said in a statement. Pittsburgh-based Alcoa said about 200 employees work at the Tifton plant, which is expected to close in October.
In June, Alcoa contributed nearly all of its soft-alloy extrusion business into a joint venture with Sapa Group.
Alcoa produces a wide range of aluminum products for the building and construction market, as well as automotive, aerospace and transportation markets.