Sales and earnings decline for Simpson
Pleasanton, Calif.-based Simpson Manufacturing Co. reported net sales for the first quarter ended March 31 decreased 2.6% to $154.5 million.
The company had net income of $4.8 million for the first quarter of 2013 compared with net income of $7.2 million for the first quarter of 2012.
The company said it continues to invest in its strategic initiatives, such as an expanded offering of concrete and reinforcing products and systems, particularly specialty chemicals, and in its truss plate and software offerings.
The decrease in the company’s first-quarter 2013 net sales was primarily due to lower sales in Europe, which were affected by difficult economic conditions. In addition, net sales were also affected negatively by reduced home center sales, lower selling prices and inclement weather in some regions of the United States, Canada and Europe, which possibly delayed construction projects during the quarter.
North America net sales were flat in the first quarter of 2013, compared with the first quarter of 2012, with inclement weather delaying construction projects in regions of the United States and Canada.
Currey & Company recalls chandeliers
Currey & Company of Chico, Calif., announced a recall of 10 models of its chandeliers.
Defective wiring can conduct electricity to the Chinese-made chandeliers’ metal parts, posing an electric shock hazard to consumers, according to a release from the U.S. Consumer Product Safety Commission.
About 2,100 of the crystal or metal chandeliers were sold in the United States and 100 in Canada. They were sold in various colors and measure approximately 21 inches wide and 55 inches high. The model name is on the exterior of the shipping carton. Item numbers are printed on a white label on the interior of the chandeliers’ canopy.
No injuries have been reported.
Sold at: Home furnishing stores, lighting centers and by interior decorators nationwide, online at lightingdirect.com and Amazon.com, from January 2010 through February 2013 for about $500 to $3,250.
The manufacturer is YQF Lighting Manufacturer Co. of China.
Valspar Corp. names new director
Minneapolis-based The Valspar Corp. announced that its board of directors elected Shane D. Fleming to serve as a director of the corporation.
Fleming, 54, was also appointed to serve on the board’s compensation committee, effective June 4, 2013. He is currently chairman, CEO and president of Cytec Industries, a global specialty material and chemical technologies company.
“Shane brings to the Board a deep understanding of the resin, polymer and specialty chemicals industries and many of the markets we serve,” said Gary E. Hendrickson, Valspar chairman and CEO. “His international business experience and coatings industry background will be invaluable as we continue to grow our business. It’s a pleasure to welcome Shane to our board.”
Prior to becoming chairman and chief executive officer of Cytec Industries in January 2009, Fleming served as the company’s president and chief operating officer. He began his career with Cytec in 1983 and held a number of senior leadership roles throughout his 30-year tenure.