Sherwin-Williams to acquire Columbia Paint & Coatings
Paint and coatings giant Sherwin-Williams has announced it will acquire Spokane, Wash.-based Columbia Paint & Coatings. Terms of the deal were not disclosed.
Columbia operates 41 company-owned stores in the Northwest and West regions of the United States. Operations are located in South Dakota, North Dakota, Wyoming, Montana, Utah, Idaho, Nevada, Oregon, Washington, Alaska and Arizona.
Columbia caters to professional painting contractors, builders and DIYers. The company has been in operation for 60 years. Columbia will be merged into Sherwin-Williams and become a subsidiary of the Cleveland-based company.
“We at Columbia Paint are very excited about this merger and are confident that it will allow us to provide a stronger level of service and support to our customers, both now and in the future,” said H.H. Larison, CEO of Columbia Paint & Coatings.
“After the transaction is completed, Columbia’s paints and coatings will continue to be provided through Columbia’s existing stores,” explained Sherwin-Williams CEO Christopher Connor.
Sherwin-Williams operates 3,226 company-owned stores in the United States and manufactures paint and coatings under the names Dutch Boy, Krylon, Minwax and Thompson’s Water Seal.
CEO of California tool company dies
Walter Kopala Jr., president and CEO of Thorsen Tool, died after a long battle with cancer, according to a statement released by the Ontario, Calif.-based company.
In its statement, the company said Kopala “will be succeeded by his friend and associate Randall L. Wright,” who currently serves as COO and interim CEO.
Thorsen Tool manufactures hand tools and is a corporate affiliate of Amarillo Hardware, based in Amarillo, Texas.
Williams-Sonoma earnings down 27 percent
Williams-Sonoma saw net revenue increase 4.1 percent in the second quarter to $859.4 million from $825.5 million in last year’s second quarter.
Second-quarter earnings fell 27 percent after the company made major price reductions on products at Pottery Barn stores. Earnings were $26 million in the second quarter, compared with $35.6 million last year.
Pottery Barn saw comparable-store sales rise 1.8 percent in the second quarter. The high-end home decor chain had sputtered in recent quarters, including in last year’s second quarter when comparable-store sales fell 0.2 percent.
“What was particularly encouraging about these results was the strong performance of our emerging brands and the improving trend we saw in Pottery Barn, which we believe was driven by early successes in the rollout of our Pottery Barn revitalization initiatives,” said Howard Lester, chairman and CEO of Williams-Sonoma. Lester said the second-quarter results were “better than expected.”
In its other retail concepts, comp-store sales rose 1.1 percent at kitchen products retailer Williams-Sonoma and 9 percent at the company’s outlet stores. Comp-store sales fell 3.8 percent at Pottery Barn Kids stores.
Williams-Sonoma’s strong catalog and e-commerce sectors showed further growth, with a 2.8 percent increase in direct-to-customer net revenue, to $372.4 million from $362.2 million last year. Internet revenue increased 11.1 percent to $237.4 million compared with $213.8 million last year.
Williams-Sonoma operates 580 stores under the banners Williams-Sonoma, Pottery Barn, West Elm, Pottery Barn Kids, PBteen, West Elm and Williams-Sonoma Home. The company also has seven mail order catalogs and six e-commerce Web sites.