Ply Gem Holdings plans to go public
Cary, N.C.-based Ply Gem Holdings, a manufacturer of exterior building products, announced plans to launch its initial public offering of nearly 16 million shares of its common stock.
Ply Gem plans to use the proceeds from the public offering to pay off debt, to pay transaction fees and for general corporate purposes, according to the announcement.
The stock has been approved for listing on the New York Stock Exchange under the symbol “PGEM.”
Ply Gem produces a product line of windows and patio doors, vinyl siding, designer accents, cellular PVC trim and mouldings, among other categories. Ply Gem owns a wide variety of brand names, including Mastic Home Exteriors, Variform, NAPCO, Ply Gem Stone, Kroy, Cellwood, Gutter Warrior and Monticello Columns.
The company’s brands are sold through short-line and two-step distributors, pro dealers, home improvement dealers and big box retailers.
Beacon challenged in second quarter
Peabody, Mass.-based Beacon Roofing Supply posted a second-quarter net loss of $0.2 million, compared with net income of $3.1 million in the same quarter last year.
Sales increased 5.3% to $416.3 million in the quarter.
CEO Paul Isabella described the second quarter as "challenging."
He added: "We experienced harsh weather conditions in many of our markets, and we were up against a very strong second quarter last year when our existing market sales were up 28%."
The trend of residential roofing sales is looking up, he said. The company expects "a busines rebound following the tough winter and early spring conditions," he said.
In existing markets, residential and non-residential roofing product sales decreased 1.4% and 11.2%, respectively.
Union poster rule struck down
The National Lumber and Building Material Dealers Association (NLBMDA) applauded the decision by the U.S. Court of Appeals for the District of Columbia (D.C.) Circuit invalidating a National Labor Relations Board (NLRB) rule requiring nearly 6 million employers to post an 11-in.-by-17-in. notice regarding employee rights to unionize.
In its decision, the court held that the NLRB did not have the authority under the National Labor Relations Act to issue the poster rule.
Last spring the D.C. Circuit Court issued an injunction against the rule, two weeks before it was set to take effect, prohibiting the NLRB from requiring employers to comply with the regulation as the court considered an appeal of a lower court decision upholding the rule.
"NLBMDA agrees with the court’s ruling that the NLRB does not have the authority to issue the poster requirement," said Michael O’Brien, NLBMDA president and CEO. "The decision by the D.C. Circuit Court is welcome news and hopefully will help the NLRB strike a better balance between the rights of employers and employees.”