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Stock sets its IPO price

BY HBSDEALER Staff

Raleigh, N.C.-based pro dealer Stock Building Supply Holdings set its initial public offering pricing at $14 per share.

The company said it expects to receive proceeds, net of underwriting discounts and commissions, of approximately $57.4 million from the offering. Stock said it intends to use the proceeds to pay about $46.2 million of the outstanding balances under the revolving line of credit under its secured credit agreement and to pay fees and expenses related to the offering.

The shares will be listed on NASDAQ Global Select Market.

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Shellie Sellards is Fiberon’s new VP marketing

BY HBSDealer Staff

PVC and composite decking manufacturer Fiberon has appointed Shellie Sellards as its newest vice president of marketing. 

Sellards, who brings a proven track record of growth to the table, will be leaving her current position Owens Corning, where she held the position of director of strategic marketing — insulation. She also worked at Trex and The Dannon Company.

“Shellie’s powerful combination of building-industry and consumer experience provides well-established brand development expertise, and I expect her to have an immediate impact on our business,” said Doug Mancosh, president of Fiberon. “Shellie’s joining a very talented marketing team, and with her guidance, we’re prepared to rapidly expand the Fiberon brand.”

Sellards, who will report to Mancosh, will be with Fiberon by the end of August.

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Ply Gem’s Q2 results show sales gain with net loss

BY HBSDealer Staff

Ply Gem Holdings, Inc. announced mixed results for its fiscal second quarter, with a gain in net sales but a loss on the bottom line.

Net sales for the second quarter were $368.1 million, up 19.8% over last year’s $307.3 million. The company’s second quarter acquisitions of Gienow and Mitten accounted for approximately $37.5 million in sales.

Meanwhile, net income swung to a loss of $50.9 million, compared to from 2012 income of $5.3 million.

“Ply Gem’s sales continue to benefit from the recovery in new construction markets; however, demand for big-ticket repair and remodeling items has been sluggish and further compressed by unfavorable weather conditions during the first quarter that drove higher inventory levels within distribution channels, which resulted in lower demand for our products during April and May,” said Gary E. Robinette, Ply Gem’s president and CEO.

According to Robinette, Ply Gem expects long-term growth in tandem with the U.S. housing recovery, but short-term challenges exist in the form of meeting the increased demand with sufficient labor resources. The company launched a lean initiative earlier this year to provide greater manufacturing flexibility to help address this issue.

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