ProBuild opens new location
ProBuild Holdings will hold a grand opening on March 14 for its newest location, a ground-up facility in Morgantown, W.Va. The 35,000-sq.-ft. lumberyard will offer lumber, building materials, windows, exterior doors, siding and trim, and a variety of hardware items to builders, contractors and do-it-yourself enthusiasts.
Customers of the new location will have access to materials from nearby ProBuild facilities, including Winchester, Va., which specializes in components and Frederick, Md., which specializes in millwork.
“We’re proud to bring our local market expertise and ProBuild’s national reach to Morgantown and our neighboring states,” said Brian Massie, general manager of the ProBuild Morgantown location. The Denver-based company will employ approximately a dozen people at the new facility.
ProBuild is the nation’s largest network of lumberyards and component plants, ranking No. 1 on the HCN Pro Dealer Scoreboard. It operates more than 430 LBM outlets that serve 45 U.S. states.
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HD Supply to sell industrial business unit
HD Supply has entered into an agreement to sell its industrial pipes, valves and fittings (PVF) business to Shale-Inland Holdings, an affiliate of investment firms TowerBrook Capital Partners and The Stephens Group. The purchase is expected to close in March 2012. The purchase price was not disclosed.
“After careful evaluation, we determined that divesting our Industrial PVF business is in the best interests of our company as we seek to continue strengthening our industry-leading businesses,” said Joe DeAngelo, CEO of HD Supply. “The Industrial PVF team, with the expertise of its many seasoned industry veterans, has done a tremendous job, and they can be proud that this new chapter is the result of the momentum they have built and the success of their initiatives.”
Once the sale is complete, the proceeds from the transaction will provide HD Supply with additional financial and strategic flexibility to further strengthen its portfolio, according to the announcement. As of Jan. 9, 2012, the Atlanta-based distributor had approximately $1.2 billion in available funds. This liquidity “provides ample capital to fund growth and meet its financial obligations,” the company said.
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Associated Materials appoints new CFO
Associated Materials, the Cuyahoga Falls, Ohio-based distributor of exterior building products, has appointed Paul Morrisroe as senior VP, chief financial officer and secretary. He will replace CFO Stephen Graham.
Prior to joining Associated Materials, Morrisroe held various management positions within the Barnes Group. Over the course of 15 years, he served as VP finance, precision components from April 2011 to February 2012; VP internal audit from February 2009 to March 2011; Barnes industrial group controller from 2005 to 2008; Barnes aerospace group controller from 2000 to 2004; and director of accounting and planning from 1997 to 2000.
Associated Materials is a vertically integrated manufacturer and distributor of exterior residential building products in the United States and Canada. The company’s portfolio includes vinyl windows, vinyl siding, aluminum trim coil and aluminum and steel siding and accessories, which are produced at the company’s 11 manufacturing facilities.
Associated Materials also sells complementary products that are manufactured by third parties, such as roofing materials, insulation, exterior doors, vinyl siding in a shake and scallop design and installation equipment and tools that are primarily distributed through its company-operated supply centers. The company’s products are sold primarily through its extensive dual-distribution network, consisting of 121 company-operated supply centers, through which it sells directly to its contractor customers, and the company’s direct sales channel, through which it sells to approximately 250 independent distributors and dealers, who then sell to their customers.
Based outside of Akron, Ohio, Associated Materials experienced substantial growth last year, opening new centers in Austin, Texas; Toledo, Ohio; Aurora, Ill.; and Evansville, Ind.
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