Northwest Hardwoods up for sale again
Former Weyerhaeuser unit Northwest Hardwoods is reportedly up for sale again by American Industrial Partners, the same private equity firm that bought the company in 2011.
According to a report in the Wall Street Journal, American Industrial Partners has hired bankers at Goldman Sachs to market the company.
Northwest Hardwoods is a manufacturer and distributor of lumber based in Tacoma, Wash. Its various species include oak, maple, cherry and walnut, which is used to make kitchen cabinets, hardwood flooring, furniture, boat interiors and other products.
Sources close to the company said the sale could likely go for around $700 million, up significantly from its original sale price of $108 million in 2011.
Armstrong’s Q1 sales up 1.9%
Armstrong World Industries pointed to favorable momentum benefiting both its top and bottom line in the first quarter of 2014.
Net sales for Armstrong were $634.4 million, up nearly 2% from the same period in 2013.
Net income came in at $16.9 million for the three months ended March 31, representing a good change from $3.2 million last year. A lower interest expense due to the write-off of deferred financing costs during last year’s first quarter helped the company’s bottom line.
"I’m pleased that, despite challenging weather conditions, first quarter sales were up 2% versus prior year," said Matt Espe, CEO. "In spite of this headwind, we delivered adjusted EBITDA of $83 million, up 7% from the prior year, through the dedication by our teams around the world to drive price to cover continued inflation in raw material costs and enhance productivity across our manufacturing plant network."
Masco’s income up 39.6% in Q1
Masco Corporation delivered a robust first quarter earnings report, with sales and income both demonstrating strong forward momentum.
Net sales for the three months ended March 31 were $1.97 billion, up from $1.88 billion in the first quarter of 2013.
The company attributed its top-line growth mainly to Plumbing Products, Installation and Other Services, as well as Other Specialty Products. International sales were also up in Europe.
Meanwhile, net income came in at $74 million, compared to $53 million in the same year-ago period.
“It is our belief that new home construction will show continued growth in 2014, repair and remodel activity will grow modestly, and big ticket items will continue to show improvement,” said president and CEO Keith Allman. “As we move through the year, we will continue to focus on the customer and execute against our priorities by improving our enterprise leverage, driving a high performance culture and focusing on continuous improvement in all we do."