Royal announces promotions in building products division
Royal Group, a manufacturer of decking, trim, pipe and other building materials, has announced three new promotions in its building products division.
Adrien Pilon was named general manager of distribution, where he assumes responsibility for Royal’s Boncor and residential divisions. Prior to joining Royal Group, he was VP and general manager with Emco Corp.
Peter Orebaugh was named business director of Royal Outdoor Products. Before joining Royal Group, Orebaugh was with First Florida Cos., a private equity firm where he was a VP. Prior to that, Orebaugh was divisional VP operations-fabricated products and president of outdoor technologies with Jancor, a manufacturer of vinyl fence, deck and railing products.
Doug Kissick was named marketing director for building products and outdoor products, a job he assumed in November 2010. He has served in senior marketing roles at Owens Corning, BPB Gypsum (Saint-Gobain), and USG.
Based in Woodbridge, Ontario, Royal Group is a subsidiary of Georgia Gulf Corp., which makes a variety of remodeling and new construction products, including siding, deck, fence and rail, trim and moldings, pipe and fittings, and window and door profiles.
USG narrows loss in fourth quarter
Building products giant USG Corp. posted sales of $696 million in the fourth quarter ended Dec. 31, down from $720 million in the same quarter last year.
USG narrowed its loss in the fourth quarter, posting a net loss of $121 million for the three months, compared to a loss of $598 million in the same period last year.
“While 2011 is likely to be another difficult year, we think the worst may be behind us,” said James S. Metcalf, president and CEO. “There is still a high degree of uncertainty about the shape and timing of the recovery, but we know that our operating strategies are working and that the fundamentals underlying our core businesses are solid.”
The company recorded full year 2010 net sales of $2.94 billion, down from $3.24 billion in 2009. The loss for the year was $405 million, compared to a 2009 loss of $787 million.
Metcalf explained adjusted operating results improved in a declining U.S. market. He added a note of optimism.
“We remain optimistic about the long-term," he said. "Basic demographics, the aging domestic housing stock, and a general economic recovery in the U.S. will ultimately stimulate demand for our products. The company is poised to capture the significant operating leverage in our business when market demand rebounds from the historic lows experienced recently.”
Home prices hit new lows in nine cities
The S&P/Case-Shiller Index, a bellwether for the new housing market, reported that home prices fell in 19 of the 20 metro markets across the country in November 2010 compared with October 2010. The 10-City Composite was down 0.8%, and the 20-City Composite fell by 1.0%.
In year-over-year comparisons, the 10-City Composite declined 0.4%, and the 20-City Composite fell 1.6% from their November 2009 levels. Only four MSAs (Los Angeles, San Diego, San Francisco and Washington, D.C.) showed year-over-year gains in November.
“With these numbers, more analysts will be calling for a double-dip in home prices,” said David Blitzer, chairman of the Index Committee at Standard & Poor’s. Nine markets (Atlanta; Charlotte; Detroit; Las Vegas; Miami; Portland, Ore.; Seattle; Chicago; and Tampa, Fla.) hit their lowest levels since home prices peaked in 2006 and 2007.