New England lumber wholesaler adds Fiberon to mix
New London, N.C.-based Fiberon teamed with distributor Coastal Forest Products to deliver composite and PVC decking and railing products to lumberyards on Long Island and the eastern counties in New York, and all of New England.
“Coastal Forest Products is a trusted company serving New England,” said Doug Mancosh, president of Fiberon. “Their service footprint expands our distribution geography and increases our presence in these key markets."
Fiberon PVC and composite decking and railing products are sold to professional contractors through a national and international network of distributors and retail outlets.
Coastal Forest Products is an East Coast provider of specialty products based in Bedford, N.H.
Trex posts strong earnings for Q2
Trex Company’s second-quarter results showed strong growth in sales and earnings, up 4.5% in sale and up 57% increase in earnings per share.
“Our 2013 strategy of providing a full line-up of high-performance decking and railing products made a strong contribution to our growth in sales," said chairman, president and CEO Ronald W. Kaplan. "These improved results indicate that our product innovation, sales programs and low-cost manufacturing strategies continue to contribute to our goal of increasing shareholder value. At the same time, our strong cash generation is further bolstering our capital structure, giving us an even stronger foundation and more flexibility to grow our business and pursue strategic opportunities."
The results, announced Tuesday for the second quarter ended June 30, highlighted net sales of of $98.6 million, compared to $94.3 million a year ago.
Net income totaled $13.2 million, or $0.76 per diluted share, compared to $8.4 million ($0.48 per share) during 2012’s second quarter.
Kaplan stated that the company expects net sales of $72 million in Q3.
Littlejohn & Co. wraps up Handy Hardware deal
Littlejohn & Co., LLC has wrapped up the acquisition and recapitalization of Handy Hardware Wholesale, which filed for Chapter 11 bankruptcy last January and was sold in April.
Littlejohn, a private investment firm based in Greenwich, Connecticut, has a stake in wholesale distribution as well as hardware.
The Houston-based Handy Hardware was founded 60 years ago as a wholesale hardware distributor to independent retailers. Its nearly 50,000 items reach about 1,000 customers in nine U.S. states, primarily in the South. Its specialities run the gamut from plumbing and electrical to hardware, paint, hand and power tools, lawn and garden care, automotive and office supplies.
Under the deal reached in April, Handy will maintain its brand but will no longer function as a member-owned co-op.
Handy Hardware’s August markt will take place in San Antonio, Texas, Aug. 15-17.