Spectrum completes Tong Lung acquisition
Madison, Wis.-based Spectrum Brands Holdings says it completed the acquisition of the residential lockset business of Tong Lung Metal Industry Co. (Tong Lung), a Taiwanese manufacturer of residential and commercial locksets and related hardware,
The deal was linked to Spectrum’s cash purchase of the Hardware & Home Improvement Group of Stanley Black & Decker on Dec. 17.
The commercial lockset business of Tong Lung will remain with Stanley Black & Decker.
A total of $100 million of the $1.4 billion HHI purchase price had been held in escrow until the closing of the Tong Lung portion of the HHI acquisition.
The purchase includes the Tong Lung Metal Industry Co. name, a major residential lockset manufacturing plant in Subic Bay, Philippines and sales, R&D and engineering operations for tooling and new product development in Taiwan.
For the 12 months ended Dec. 31, 2011, the Tong Lung residential business had sales of approximately $48 million, excluding sales to HHI. Tong Lung’s residential OEM and branded lockset sales are primarily to customers in North America, Asia and Latin America. Tong Lung-branded products are predominantly sold under its EZSET brand.
Canadians see slight gains in starts
Canada’s seasonally adjusted annual rate of housing starts increased slightly to 184,028 in March, up from 183,207 in February.
Looking at the six-month moving average, as the Canada Mortgage and Housing Corp. (CMCH) likes to do, the figure of 189,742 units is about average.
"As expected, the trend in total housing starts continued to moderate in March. Builders are adjusting to lower housing demand and as a result, completed and unoccupied units per capita remain relatively close to their historical average," said Mathieu Laberge, deputy chief economist at CMHC.
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analyzing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets, which can be quite volatile from one month to the next.
HCN launches Scoreboard Survey
The research behind the 2013 Industry Scoreboard has begun, as HCN measures stores, units, sales, employee count and other key metrics.
HCN editors are collecting data for the 2013 Industry Scoreboard, a listing of top players in the home improvement retailing and building material distribution.
The 2013 survey form — measuring stores, units, sales, employee count and other key metrics — can be completed here.
In the 2012 Scoreboard — sponsored by the National Hardware Show — the top five home improvement retailers, ranked by home improvement sales, were Home Depot, Lowe’s, Walmart, Sears Holdings and Menards.