PEOPLE IN THE NEWS: Edward F. Lonergan
Owens Corning has announced that Edward F. Lonergan, president and CEO of Chiquita Brands International, has been elected to the company’s board of directors, effective Sept. 18, 2013.
"We welcome Ed to our board of directors," said Owens Corning chairman and CEO Mike Thaman. "His global experience and strong commercial background make him a valuable addition to the board. We are delighted to have recruited such an outstanding director."
Lonergan was named CEO of Chiquita in 2012, and currently serves on the company’s board of directors. He previously served as director, president and CEO of Diversey, a global provider of sustainable cleaning, sanitation and hygiene solutions, from February 2006 through the sale of the company to Sealed Air Corporation in October 2011. Prior to that, he served as president, Commercial Operations Europe for The Gillette Company. He held various positions at Procter & Gamble from 1981 to 2002.
Eco Red Shield Lumber creates alternative in wildfire-prone areas
Eco Building Products has sold another full house package of its Eco Red Shield protected lumber to TR Wurster Construction Inc. for a high-end custom project in Beverly Hills. Eco Red Shield is the standard in TR Wurster’s projects, and it is positioning itself to gradually replace high-risk lumber in regions of the country that are particularly vulnerable to fire and mold.
Eco Red Shield Lumber is a treated wood product with a Fire Retardant Coating and added protection against mold, fungus, rot and termites.
"Eco Red Shield Lumber is showing up in markets similar to the way certified organic vegetables have now taken over every market place around the whole country," said Steve Conboy, president and CEO of Eco Building Products. "It is a matter of time before Eco Red Shield shows up in the retail big-box shelves, making it harder for the big production builders to ignore the mold-related problems showing up in America’s new residential communities."
According to Conboy, Los Angeles and its surrounding communities have already maxed out their yearly firefighting budget, and the wildfire-prone region expects more to come this season. Most recently, 150 homes were evacuated Monday near Yosemite after powerful winds spread a wildfire across 1,600 acres, the L.A. Times reported.
Stock Building Supply files for IPO
Raleigh, N.C.-based Stock Building Supply Holdings announced a plan Friday afternoon to go public.
The number of shares to be offered and the price range for the offering have not yet been determined.
Some of the biggest names on Wall Street are lined up to assist the transaction. Goldman, Sachs & Co., Barclays Capital Inc. and Citigroup Global Markets Inc. will serve as joint bookrunning managers in the proposed offering. Robert W. Baird & Co. Incorporated will act as lead comanager, and Stephens Inc. and Wells Fargo Securities will act as co-managers.
Stock today operates 48 distribution and retail operations in 13 states. Private equity firm The Gores Group acquired a controlling interest in Stock in 2009, and acquired the remainder in November 2011.
According to an SEC filing, Stock Building Supply intends to use the net proceeds from this offering to pay approximately $60.0 million of the outstanding debt and to pay a fee of $9.0 million to Gores to terminate its management services agreement with Gores, and to use the remainder for working capital and general corporate purposes.