Parr Lumber opens design center in Tukwila
Parr Lumber will open a cabinet design center on Oct. 18 in Tukwila, near Seattle, in the space that was formerly Basco Appliances. Grand-opening festivities include a celebrity appearance by Mariel Hemingway, daughter-in-law of Ernest Hemingway. A cookbook author and health eating advocate, Hemingway will discuss her latest project, Mariel’s Kitchen.
The new Parr Cabinet Design Center, a new store concept, introduces 8,500 sq. ft. of display space with several working kitchens. It also features countertops, appliances and flooring.
Three major brands of cabinets are present throughout the showroom; Huntwood Custom Cabinets, Kemper and Aristokraft. Countertops feature granite, Cambria’s Quartz countertops as well as other solid surfaces.
The appliance selection includes designer appliances from Viking, Electrolux and Frigidaire and many other national brands. The store will host many in-store events throughout the year, including local chefs for cooking demonstrations.
Ferguson enters NYC with acquisition
Ferguson Enterprises, one of the largest wholesale plumbing distributors in the United States, has acquired Davis & Warshow, a leading residential and commercial plumbing supplier in metro New York, through a stock transaction.
Davis & Warshow is an 87-year-old company that began with a Lower East Side storefront. Headquartered in Maspeth, N.Y., it operates eight wholesale and seven showroom locations. The plumbing supplier will continue to conduct business under the Davis & Warshow name with the existing management team remaining in place.
Ferguson CEO Frank Roach commented, "The acquisition of a long-standing, well-respected distributor such as Davis & Warshow allows us to enter the New York City metropolitan area with a solid platform for growth and expansion."
Davis & Warshow is Ferguson’s sixth acquisition over the past 14 months. Headquartered in Newport News, Va., Ferguson, a part of London-based Wolseley, ended its 2012 fiscal year with sales of $9.7 billion and approximately 18,000 associates in almost 1,300 locations. Ferguson and its subsidiaries serve customers in all 50 states, Puerto Rico, Mexico and the Caribbean.
Owens Corning lowers guidance
Owens Corning has lowered its earnings expectations for 2012 based on a weak selling environment for its roofing and composites. Full-year adjusted earnings before interest and taxes (EBIT) for the company are now expected to be in the range of $280 million to $310 million, with the primary uncertainty through the remainder of the year attributed to roofing volumes.
Weakness in the U.S. roofing shingle market, combined with a mid-September price increase, resulted in the company lowering its roofing revenue outlook for the full-year, now estimated to be approximately $2 billion.
In the second half of 2012, composites demand will be impacted by lower global industrial production, particularly in Europe, as well as by the weaker U.S. roofing market. In response, Owens Corning has initiated further production curtailments to bring inventories in line with previously discussed year-end targets.
The company maintains its earlier guidance of significantly narrowing losses for its insulation business in 2012. The effects of higher volumes as a result of an improving U.S. housing market, as well as continued operating leverage in the business, continue to support this outlook.
Owens Corning will announce its full third-quarter 2012 results on Oct. 24, 2012, prior to the opening of the market.