SPEC Building Materials makes acquisition
SPEC Building Materials Corp., a distributor of residential roofing materials based in Kansas City, Mo., has agreed to acquire the assets of Knoxville, Tenn.-based Exterior Materials. No purchase price was disclosed.
Exterior Materials is a full-service, multi-discipline organization of building envelope professionals, manufacturer’s representatives, and sales and distribution professionals who have been serving the commercial and industrial and architectural building markets since 1980. Exterior Materials provides a variety of services and training programs designed to assist industry professionals with assessment, specifications, application details and final inspection of each project. For many years Exterior Materials has sought environmentally sustainable solutions for the construction industry, including LEED compliant construction, garden and plaza construction and other roofing and waterproofing systems.
SPEC, a family owned and operated business, was founded in 1973 in Kansas City, Mo., by Mel Stevenson, current president and CEO. The company sells commercial and residential roofing supplies from 30 locations in 11 states: South Dakota, Nebraska, Kansas, Missouri, Arkansas, Oklahoma, Texas, Mississippi, Tennessee, Alabama and Florida.
Barry Satterfield, president and CEO of Exterior Materials, along with the professional sales and service staff, will remain with the company. The transaction is conditional upon the execution of a definitive agreement, completion of satisfactory due diligence, receipt of shareholder approval and other corporate approvals, regulatory approval and court approval, if necessary.
I wonder of SPEC building
I wonder of SPEC building materials is going on the path of eco-friendliness by acquiring Exterior Materials. Maybe they would follow up this acquisition with some other public relations event that would showcase their corporate social responsibility tendencies.
New-home sales rise in April
Sales of new single-family houses in April 2011 rose 7.3%, according to the U.S. Commerce Department, to an adjusted annual rate of 323,000. This increase over March’s figure of 301,000 units is still below April of 2010, when the estimated number of home sales was 420,000.
The median sales price of new houses sold in April 2011 was $217,900.
The nationwide inventory of new houses for sale at the end of April was 175,000 — a new record low, according to the National Association of Home Builders (NAHB). This represents a supply of 6.5 months at the current sales rate, according to the federal government.
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Ames True Temper, Clopay combine under new exec
Griffon Corp., a diversified management and holding company, has named Eugene (Gene) Colleran as the new CEO of Ames True Temper and the new president of its home and building products division.
Griffon also announced that Ames True Temper and Clopay Building Products will both become part of the home and building products division and report to Colleran. Clopay is a manufacturer of garage doors for both the residential and commercial markets.
Duane Greenly, the former CEO of Ames True Temper, is retiring after nine years with the lawn and garden tool maker, the last three as CEO.
Colleran had been head of Clopay Building Products for the last 11 years. Prior to joining Clopay, Colleran spent nine years with Newell Co., most recently as president of BernzOmatic, a leading manufacturer of gas-powered hand torches. Prior to Newell, he spent nine years in various sales and marketing management roles with Chicago-based United States Gypsum.
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