LUMBERYARDS

Roy Armes and Michael Arnold join AGCO board

BY HBSDEALER Staff

Agricultural equipment manufacturer AGCO has added two new members to its board of directors.

Roy Armes, who is president, chairman and CEO of Cooper Tire and Rubber Company, as well as Michael Arnold, president and CEO of Ryerson Inc., have joined the board effective immediately.

"Roy and Michael both bring extensive leadership experience with manufacturing companies and will provide an important perspective and contribution to our board," said Martin Richenhagen, chairman, president and CEO of AGCO Corporation. "The addition of their global manufacturing experience to the collective knowledge of our Board better positions AGCO for the opportunities facing our industry."

Armes has been at the helm of Cooper since 2007 (and has been serving as chairman since 2008). Previously, he served in various executive capacities with Whirlpool Corporation. He is also a boardmember with The Manitowic Company.

Arnold has been with Ryerson since 2011, prior to which he held various positions of increasing responsibility with The Timken Company, where he worked for over 30 years. He has also served on the board of Gardner Denver, Inc.

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Newell Rubbermaid attributes windfall Q3 income to sale of hardware unit

BY HBSDEALER Staff

Newell Rubbermaid reported massive gains of 79% in net income for the third fiscal quarter of 2013, a momentary boom that the company attributed to the sale of its hardware business.

Newell sold the unit to Nova Capital for $214 million, before taxes, in September.

In addition to the income generated from the sale, the company also reported improved sales in North America and Latin America, with increased market share in baby and parenting products, home solutions and tools.

All in all, net income rose to $193.3 million, compared to $108.3 million the previous quarter. Revenue was up 2% to $1.49 billion.

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WOLF promotes Mike Sessinger to EVP sales

BY HBSDEALER Staff

York, Pa.-based WOLF announced that Mike Sessinger has been promoted to executive VP sales. 

He will be responsible for driving sales for the entire organization and coordinating all regional vice presidents. 

The company describes itself as “the largest supplier of kitchen and bath cabinets in the U.S. and a leading provider of building products along the East Coast.”

Sessinger will report to WOLF president Brad Kostelich.

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