Sherwin-Williams rolls out high-end paint
New York City — Sherwin-Williams marketing executives pulled out all the superlatives and top-drawer adjectives to describe the company’s latest entry in a crowded paint field.
The Emerald Interior and Exterior line of paints, introduced today during a reception at Rockefeller Center, will be a high-end entrant in the mid-$60 per can range.
It’s one of the few high-end entrants in recent years that didn’t use the “paint-and-primer-in-one” angle. Instead, the company’s pitch on the label is “beauty, washability, sustainability.” Emerald Interior is GreenGuard Indoor Air Quality certified, emits minimal odor and features antimicrobial properties that inhibit the growth of mold and mildew on the paint film.
At the same time as it introduced Emerald paint, the company introduced ColorCast Eco Toners, a new tinting system that will not add to the VOC content of any coating when tinted. While current industry tint systems affect paint thickness and consistency, ColorCast Eco Toner colorants maintain the paint’s full body after tinting, delivering thick, rich coats for maximum performance, according to the company.
“These products set an unprecedented standard in paint by driving product breakthroughs in quality and environmental responsibility,” said Steve Revnew, VP product innovation, Sherwin-Williams.
The Emerald exterior paint will sell in the $70-a-gallon range.
The new Emerald Interior and Exterior acrylic latex paints and ColorCast Eco Toners will be available in Sherwin-Williams stores nationwide on July 1, 2012. The company operates 3,400 stores.
Losses narrow at LP
Louisiana-Pacific Corp., one of the industry’s leading suppliers of oriented strand board and other building materials, announced net sales of $361.5 million for its first fiscal quarter of 2012, compared with $331.7 million during the same quarter a year ago.
Net loss for the first quarter, which ended March 31, was $11.3 million. This compares with a net loss of $22.9 million in the first fiscal quarter of 2011.
All of our North American segments outperformed the same quarter last year,” said CEO Curt Stevens. “For the first time in many years, the housing news has been positive and this was reflected in our results. Of particular note was the performance of our siding segment where operating profit improved by more than 30% compared with the same quarter last year and more than doubled compared with last quarter.”
LP’s OSB segment currently operates seven facilities and has indefinitely curtailed three other facilities due to market conditions. The OSB segment reported net sales for the first quarter of 2012 of $149 million, an increase from $132 million of net sales in the first quarter of 2011. For the first quarter of 2012, the OSB segment reported an operating loss of $0.3 million compared with a loss of $9 million in the first quarter of 2011. Sales volume were up 4% quarter over quarter, with sales price increasing by 6%.
The siding segment reported net sales of $113 million in the first quarter of 2012, an increase of 6% from $106 million in the year-ago first quarter. For the first quarter of 2012, the siding segment reported operating income of $17 million compared with $13 million in the year-ago quarter.
The Engineered Wood Product (EWP) sales in the first quarter of 2012 totaled $49 million, a slight increase from a year ago. Operating losses decreased to $3 million for the first quarter of 2012 from $6 million for the first quarter of 2011.
For the full news release of LP’s first-quarter results, click here.
The Nashville, Tenn.-based company also announced, on May 7, that it has commenced a cash tender offer and consent solicitation for any and all of its outstanding 13% Senior Secured Notes due 2017. In addition, the company announced another offering of $300 million in aggregate principal for Senior Notes due 2020.
The tender offer will expire at 12:00 midnight New York City time on Monday, June 4, unless extended or earlier terminated.
Nest thermostat finds a place on Lowe’s shelves
Nest Labs announced that its Nest Learning Thermostat is on the shelves of more than 500 Lowe’s stores plus Lowes.com.
The product will find a home in the retailer’s new Innovation merchandising displays featuring interactive end caps that display new products in home improvement.
“Nest has added energy and excitement to the thermostat category,” said Dean Kochalka, vice president of Merchandising at Lowe’s. “Lowe’s continues to look for ways to offer customers the latest innovative products to make home improvement simple, and the Nest Learning Thermostat offers customers a personalized, intuitive approach to easily managing the home environment and energy expenses.”
The Nest Learning Thermostat learns about the homeowner and the home and automatically adjusts the temperature.
"There’s a natural affinity between Lowe’s and Nest," said Erik Charlton, Nest VP of sales and marketing. "Both companies are committed to supporting DIY-minded customers seeking quality products. Most Nest owners choose to install the Nest Learning Thermostat themselves — and complete installation within 30 minutes — so it makes sense for them to buy from Lowe’s, a great retailer that supports its customers’ ingenuity and pride in their homes."