Owens Corning’s insulation category finds Q3 success
Owens Corning reported growth across the board in the third quarter of 2013, especially in its insulation category, which delivered its best quarter in six years with a profitable year to date.
Net sales for the quarter were at $1.32 billion, up from $1.28 billion on a year-over-year basis.
The company reported net earnings of $51 million, compared with $44 million during the third quarter of 2012.
"We delivered improved year-on-year performance in each of our businesses," said Mike Thaman, chairman and CEO. "Based on our year-to-date performance, we are maintaining our outlook of at least $100 million of adjusted EBIT growth."
Thaman also noted that the company’s roofing business did well in terms of margins, with 20% EBIT margins on flat revenue. Meanwhile, insulation was at its ninth consecutive quarter of EBIT improvement. Composites didn’t fare as well, due in part to manufacturing performance and lower volumes, though they improved EBIT by $10 million over 2012.
The company expects a 2013 outlook of at least $100 million growth in adjusted EBIT.
BehrPro lends paint and volunteers in Greater Atlanta
BehrPro offered up 155 gallons of paint, as well as a team of 25 local volunteers, during the 2013 Hands on Atlanta Day on Oct. 5.
As the official paint sponsor and active participant in the event — which is dedicated to revitalizing various communities in Greater Atlanta — BehrPro teamed up with more than 7,000 other participants to help transform approximately 65 locations.
"We were honored to join the 23rd Annual Hands On Atlanta Day and be a part of the thousands of community members who donated time and labor to help restore the schools and nonprofits in need," said BehrPro sales representative Phillip Hayes, who led the volunteer efforts. "With BehrPro’s portfolio of high-quality products, Atlanta will receive the beautification it deserves, with lasting durability that requires less maintenance."
Hayes worked closesly with Raquel Hudson, associate director of corporate volunteerism at Hands on Atlanta, who was also in charge of selecting BehrPro as the exclusive paint and stain supplier, citing a good track record with the company during previous residential and commercial projects. BehrPro also provides professional services, such as jobsite delivery, factory tinting and expert advice.
"With the majority of Hands On Atlanta Day projects focused on restoring high-traffic areas, such as local schools or community centers, it was critical that the paint be durable enough to withstand consistent wear and tear," said Hudson. "However, it was important that the paint was easy for our volunteers — some of whom have limited experience with large-scale paint projects — to apply in a short period of time. We also prefer to use bright, vibrant colors to create uplifting and inviting environments. Fortunately, we were able to find a variety of products that met all the criteria through the BehrPro program."
Spectrum Brands moves HQ to Madison suburbs
Spectrum Brands Holdings is following up on its plans, announced in January 2012, to move its headquarters to the Discovery Springs area of Middleton, Wis., a Madison suburb.
The move includes its world headquarters, its technology center and several North American divisional operations. More than 500 full-time employees have been implicated in the transition.
The new facility promises to be more economical and energy efficient, and can accommodate up to 675 full-time employees, which played into the company’s decision to stay in the Madison area. Spectrum had previously considered moving its headquarters and North American Remington care operations to Miramar, Fla.
“In this challenging economic environment in which companies operate, we must reduce costs to maintain an operating structure aligned with today’s market conditions and enable Spectrum Brands to remain competitive and continue to grow over the long-term,” said Dave Lumley, CEO of Spectrum Brands Holdings. “That is why we moved our world headquarters from Atlanta back to the greater Madison area three years ago."
The new facility features the Spectrum Brands Institute of Design & Technology, which includes state-of-the-art labs and equipment and 20% more space for research, innovation and new product development, all dedicated to the company’s battery, personal care and home appliances businesses.
“Since our origins, more than 100 years ago, as a battery manufacturer on Madison’s east side, our company has played a significant role as a major employer in Dane County and other parts of Wisconsin,” said Lumley. “We are pleased about our move to Middleton, as well as our ability to retain our world headquarters, and North American appliances operations and R&D functions in the greater Madison area of Wisconsin, and continue our long history of investment in our state, which includes capital spending of approximately $40 million over the next five years.”
The transition is expected to be completed before the end of the year, when the lease on its current Madison headquarters on Rayovac Drive is set to expire.