PulteGroup appoints president, Houston division
PulteGroup has named Kevin Meuth as the new division president for its Houston operations, where he will oversee the 27 communities and about 100 employees throughout the Greater Houston area.
Meuth has 22 years of diversified home-building experience, all in the Houston market. Previously, he served as division president at Meritage Homes for the past five years.
"Kevin has developed strong relationships with land developers and trade partners across the Houston market, while building extensive expertise in the purchasing, construction and home-building operations disciplines," said Harmon Smith, Gulf Coast Area president of PulteGroup. "With his extensive experience in home building, Kevin understands how to deliver profitable results during these challenging times. We are confident that he will continue to build upon the success of the Pulte Homes, Centex and Del Webb brands in Houston."
Beacon acquires The Roofing Connection
Peabody, Mass.-based Beacon Roofing Supply has acquired The Roofing Connection, a distributor of residential roofing products and related accessories with one location in the Halifax suburb of Dartmouth, Nova Scotia. The Roofing Connection will be operated as part of Beacon Roofing Supply Canada Co.
"The Roofing Connection has a track record of strong performance and provides us with an excellent opportunity to expand into the capital of Nova Scotia Province, giving Beacon a coast-to-coast presence in Canada,” said Paul Isabella, Beacon’s CEO and president. “We welcome The Roofing Connection to the Beacon team."
Cheryl O’Brien, co-founder of The Roofing Connection with her husband Pat, said: "Pat and I are thrilled to join the Beacon family, which will allow The Roofing Connection to better serve our customers and expand our product offerings. Joining Beacon will enable us to grow our business both in Halifax and throughout the Province and presents greater career growth opportunities for our employees. We are excited about our future with Beacon."
LP announces fourth amendment to credit agreement
Louisiana-Pacific Corp. one of the industry’s leading suppliers of oriented strand board and other building materials, has announced a $100 million extension to its revolving credit agreement with its lenders and Bank of America, N.A., as administrative agent.
Among other changes, the fourth amendment:
• Extends the maturity of the revolving loan facility from Sept. 10, 2012, to Oct. 14, 2016;
• Decreases the interest rate payable for certain types of loans;
• Permits LP to include in its borrowing base certain vendor managed inventory that was previously excluded;
• Increases LP’s flexibility to incur and prepay certain debt; and
• Provides that the revolving lenders’ second priority liens on certain assets of LP and its subsidiaries will be automatically released in connection with the repayment of such other indebtedness.
"We are very pleased with this amendment and the strong support LP has received from our banks," said Mark Tobin, treasurer of the Nashville, Tenn.-based company. "This facility, as amended, provides LP with greater flexibility over a longer term and at attractive pricing. As we continue to navigate through a very difficult housing market, it is important to have the certainty that stable, long-term liquidity lines provide. We believe this to be crucial to our operations and investors as we move forward."