Mold Armor announces patents on delivery method
W.M. Barr, the maker of Mold Armor, said the company has acquired the rights to the patented delivery method for hose end products that feature a bleach-based formula.
“Since its introduction, the Mold Armor hose end business has grown faster than we could have ever imagined,” said Wendy Groover, senior brand manager for Mold Armor. “Acquiring the patent will protect this important piece of our business, and we’d like for retailers to be aware of this new directive so they will have every opportunity to alter their purchasing and stocking practices.”
The exclusive rights apply to Mold Armor’s E-Z House Wash and E-Z Deck Wash.
Founded in 2008, Mold Armor introduced the hose end products to the market in an effort to provide customers with an easy way to clean their home’s exterior surfaces.
Sears inks deal with military exchanges
Sears Home Services has entered into agreements with three branches of the military to provide delivery and installation services for merchandise sold through their stores in the continental U.S. After success with initial pilots, Sears began the nationwide launch on June 8, at various Navy, Army, and Air Force Exchanges that sell home improvement services such as siding, windows, cabinet refacing, kitchen remodeling, roofing, carpet, and upholstery cleaning, air duct cleaning and garage door installation and repair.
The agreements involve separate contracts with the Exchange (previously known as the Army and Air Force Exchange Services) and Navy Exchange Services (NEX).
Sears Home Service, the nation’s largest product repair service provider, employs more than 8,600 service technicians and delivers a broad range of retail-related residential and commercial services across all 50 states, Puerto Rico, Guam, and the Virgin Islands.
Scotts Miracle-Gro completes new $1.7 billion credit facility
Scotts Miracle-Gro, the industry’s largest supplier of lawn and garden products, has entered into a new $1.7 billion secured revolving credit facility, scheduled to mature in 2016. This replaces its existing $2.2 billion facility, which was set to expire in February 2012.
The Marysville, Ohio company said the transaction completes an overhaul of its capital structure which successfully staggered the maturities and sources of its borrowings. Over the past 18 months, Scotts Miracle-Gro has had two bond offerings of $200 million apiece which have maturities in 2020 and 2018 respectively.
"We are pleased to have now completed the process of replacing our previous credit facility on terms we believe are favorable and in a manner that reduces risk by diversifying both our sources of financing and maturity schedule," said Dave Evans, chief financial officer. "The financing structure is aligned with our business strategy and capital structure strategy, giving us the ability to properly invest in our business while also continuing to return cash to shareholders."
JP Morgan Chase Bank, as administrative agent, and Bank of America Merrill Lynch, as syndication agent, led a syndicate of 24 other lending banks.