Schrock Cabinetry sponsors Nascar driver Paul Menard
Schrock Cabinetry, a past and present sponsor of the the No. 27 Schrock/Menards Chevrolet, will be putting its clout behind Nascar driver No. 27 Paul Menard in the 2013 Nascar Spring Cup Series Irwin Tools Night Race in Bristol, Tenn.
The race, taking place Aug. 24, will feature Menard on the Bristol Motor Speedway racing for Richard Childress Racing.
"Paul has consistently demonstrated that his speed and resilience knows no bounds," said MasterBrand Cabinets president David Randich. "We’re very excited to be a part of the excitement as Paul and the No. 27 Schrock / Menards Chevrolet take to the track once again."
Schrock Cabinetry, a division of MasterBrands Cabinets, has been serving as a Nascar car sponsor for the past five years together with Menards.
Lumber Liquidators sets sights on new bicoastal distribution centers
In the most recent phase of its multi-year supply chain optimization initiative, Lumber Liquidators announced its plans to construct a new East Coast distribution center, as well as lease another one in Pomona, Calif.
The new East Coast center in Henrico County, Va., will take place on 110 acres of recently purchased undeveloped land. The planned 1 million-sq.-ft. distribution center will help consolidate its current 750,000 sq. ft. of distribution space spread out among four buildings in Hampton, Va. The company expects a boost in operational efficiency, as well as reduced transportation and occupancy costs to benefit its margin.
Meanwhile, the 500,000-sq.-ft. distribution center in Pomona will be ready for occupancy by November 2013 and will be in full operational mode by the first quarter of 2014. The move aims to strengthen the company’s operating income through improved product availability, reduced international transportation costs and lower delivery costs.
"The consolidation of our East Coast distribution facilities into a new, larger location and the opening of a West Coast distribution center will ensure we can support the tremendous growth of our business and improve service to our expanding customer base," said president and CEO Robert M. Lynch. "These new facilities will provide a more efficient supply chain structure, allowing us to improve the availability component of our industry-leading value proposition, as well as increase our labor productivity and lower our transportation costs. At the same time, we are pleased to be creating additional jobs in California and Virginia through these new facilities. These investments in our supply chain will provide the foundation for our long-term growth — to continue to expand our footprint and capture additional market share in a recovering macro-environment."
The new building in Virginia is due for completion in the third quarter of 2014, and is expected to be funded using existing cash and operating cash flow.
Masonite files registration statement for NYSE listing
Masonite International Corporation has filed to become a U.S. reporting company on the New York Stock Exchange, with plans to withdraw its previous Form S-1 registration statement after a proposed $150 million initial public offering in February.
Additionally, the company applied for the listing of its common shares under the "DOOR" ticker symbol.
“Given Masonite’s strong balance sheet and future growth prospects, the company decided to register under the 1934 Act and list the Company’s shares on the New York Stock Exchange without a concurrent equity offering,” said CFO and executive VP Mark Erceg.
“This action is consistent with the desire expressed to us by a large portion of our shareholder base that they be able to maintain their existing ownership positions in advance of what many economists expect to be a multi-year, multi-stage recovery in the United States housing and construction markets,” added president and CEO Fred Lynch.
Masonite was previously a public company, but was acquired by private equity firm Kohlberg Kravis Roberts & Co. LP in 2005. It then filed for (and emerged from) Chapter 11 bankruptcy in 2009.