Owens Corning names new group president-building materials
Toledo-based building products company Owens Corning has named Karel K. Czanderna to the post of group president-building materials. The company’s building materials group includes Owens Corning’s insulation, roofing and asphalt, masonry products and construction services businesses.
Before joining Owens Corning in 2008, Czanderna held various executive management positions in the home channel. She was most recently vp-cooking products and outdoor kitchens businesses at Whirlpool, responsible for Jenn-Air, KitchenAid, Whirlpool, Maytag and Amana branded cooking appliances. As vp and general manager of KitchenAid at Whirlpool, she designed and executed the largest simultaneous all-kitchen product launch in the history of the major appliance industry.
“I am pleased to have Karel join our team,” said Mike Thaman, chairman and CEO of Owens Corning. “Karel brings great leadership experience from well-respected, global companies. She has a proven track record of innovating in response to market change.”
Prior to her work at Whirlpool, Czanderna spent 18 years at Eastman Kodak, serving as vp and general manager of the company’s portrait photography business, and as a vp and general manager of its copier and printer business.
Czanderna holds a bachelor’s degree in physics from Clarkson University and a doctorate in materials science and engineering from Cornell University.
NAHB: Multi-family construction looking ‘greener’
The National Association of Home Builders has released results from a survey of multi-family builders and developers, showing that professionals in the multi-family market are becoming more interested in building green.
Seventy-four percent of respondents said that buyers and renters are willing to pay more for green amenities, though the median additional amount they are willing to pay is only about 2 percent, according to the survey.
The survey also found the following:
• 89 percent of respondents reported they are installing energy-efficient appliances and lighting in their multi-family communities.
• 79 percent are using windows with low-emittance (Low-E) glass, which helps block the transfer of radiant heat by using a special coating.
• 64 percent are using recycled and recyclable products.
• 50 percent are using significantly more insulation than required by the building code, a number that rises to 70 percent of West Coast respondents.
“Apartments and condos are inherently green, because they offer more compact development to begin with,” said Steve Patterson, chairman of NAHB’s multi-family leadership board. “With today’s heightened consumer interest in green, multi-family builders are embracing more green and recyclable products and are more willing to invest in energy efficiency.”
Hines Horticulture seeks to sell assets to Black Diamond
Hines Horticulture, which filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware on Aug. 20, will seek to sell its assets to hedge fund Black Diamond Capital Management, the Irvine, Calif.-based company announced.
Hines is one of the largest producers of ornamental shrubs, color plants and container-grown plants in the country.
Black Diamond, which is Hines’ largest unsecured creditor and the holder of a majority of its $175 million in senior subordinated notes, has agreed to serve as the “stalking-horse bidder” for Hines. A “stalking-horse” bid is the first bid on a bankrupt company’s assets, from a bidder chosen by the bankrupt company.
According to court papers, Black Diamond is in the midst of due diligence — which needs to be completed by Sept. 19 — and Hines has offered to pay the fund a $225,000 work fee as an incentive to finish it in short order.
Documents show that the stalking-horse bid is worth up to $58 million in cash, which would pay off Black Diamond’s debts, plus $500,000 in wind-down costs.
Hines pursued several possible restructuring alternatives in the months before its bankruptcy filing, including a sale of all or pieces of the business, a new debt or equity infusion or a balance sheet restructuring.
Hines sells its goods to more than 1,180 retail and commercial customers, including Home Depot, Wal-Mart and many small local garden centers, representing a total of more than 6,670 outlets throughout the country. Hines’ products are mostly sold under the “Hines Nurseries” trade name. The debtor operates seven commercial nurseries where plants are grown for sale to retailers and other businesses.