Sherwin-Williams expands NASCAR deal
In addition to its title as the "Official Paint of NASCAR’ — a multi-year partnership that the company signed this past May — Sherwin-Williams will also become the ‘Official Automotive Paint of NASCAR’ effective Jan. 1.
The company said that it was "leveraging its recent designation for architectural paint and the power of NASCAR’s intellectual property to activate at its more than 3,500 stores nationwide and ignite the passion of its customers — many of whom are fiercely brand-loyal fans of the sport."
The announcement took the spotlight during a recent presentation at the 2013 SEMA Show in Las Vegas by Adam Chafe, VP marketing for Sherwin-Williams Automotive Finishes and 15-time NASCAR Sprint Cup Series winning driver Greg Biffle.
"Since 2000, some of the biggest names in racing have trusted their race car finishes to Sherwin-Williams," said Chafe. "We’re extremely excited and honored to become the ‘Official Automotive Paint of NASCAR.’ In fact, more than a dozen NASCAR teams currently use Sherwin-Williams Automotive Finishes. We aim to help teams cross the finish line and ensure that their cars and sponsors always look good on the track; that also holds true with every repair and repaint our customers provide."
Biffle also declared that he was among the 30+ drivers who use Sherwin-Williams Automotive Finishes, who collectively share over 200 NASCAR Sprint Cup Series victories.
According to the company, Sherwin-Williams is the only direct distribution automotive paint manufacturer.
Management structure shifts at Armstrong
Armstrong World Industries has announced several changes to its management structure, which are scheduled to go into effect Nov. 16.
Most notably, Armstrong Flooring Products CEO Frank Ready will be retiring after 30 years with the company. Armstrong CFO Thomas Mangas will take his place, who will in turn be succeeded by Armstrong Building Products VP finance David Schulz.
"I would like to thank Frank for his 30 years of dedicated service," said Armstrong CEO Matthew Espe. "His many contributions will be felt for years to come. In Tom Mangas, we have a well-seasoned leader, whose global mindset and customer focus will enable our flooring business to fully leverage recent investments and have a bright future. I am equally excited to welcome Dave Schulz as my new finance leader. The ability to quickly fill these positions from within is a clear demonstration of the effectiveness of our organization vitality and succession planning processes."
Mangas has been overseeing the company’s finance operations, as well as information technology, global business services and process improvement, since he assumed the CFO role in 2010.
Schulz has been with the company since June 2011. His resume also includes a 14-year stint with Procter & Gamble and the J.M. Smucker Company in various financial capacities.
Ply Gem sales up 33.1% in Q3
Ply Gem Holdings, Inc. released financial results for the third quarter ended Sept. 28, 2013, which highlighted a year-over-year transition into the black for the company in terms of its net income.
Net sales also received a hearty boost of 33.1% compared to the third quarter of 2012, increasing to a total of $407.4 million. The growth was even sharper for the Windows and Doors segment, which increased by 41.8%. Net sales for Siding, Fencing and Stone grew 26.9%.
That said, the acquisitions of Gienow and Mitten factored heavily into the robust growth. With the impact of these acquisitions excluded, net sales increased 9.9%, Windows and Doors grew 16.6% and Siding, Fencing and Stone was up 5.2%.
Meanwhile, net income came in at positive growth of $16.9 million, compared to 2012’s third-quarter loss of $3.7 million.
“Ply Gem continued to execute during the third quarter as the new construction market drove further demand for our products while channel inventory levels improved," said president and CEO Gary E. Robinette. “The housing market recovery is still in the early stages, however, I am encouraged by the favorable trends in the market and the significant demand it is creating for our products. Our expectation is that the housing market will continue its recovery into 2014 and 2015, and I remain confident in Ply Gem’s ability to capitalize on the market recovery. We remain focused on executing our strategic initiatives and solidifying our position as a leading building products manufacturer."
Robinette also added that revenue growth led by the Windows and Doors segment has resulted in the addition of extra labor resources intended to scale operations to meet the demand.