Summit Materials acquires Alleyton Resource
Summit Materials acquired Houston concrete company Alleyton Resource and its affiliate Colorado Gulf, known collectively as Alleyton.
“We are pleased to welcome Alleyton’s management team and its highly skilled and dedicated employees to Summit," said CEO Tom Hill. "Alleyton is a great fit with Summit’s growth strategy and we are excited about expanding our footprint in Texas into the Houston market.”
Alleyton will retain its current management structure and will continue growing its business as part of the Summit group of companies.
“Alleyton is very excited to join Summit," said Alleyton president Todd Barten. "We look forward to jointly growing our business and continuing to provide superior products, quality and service to our many valued customers.”
Alleyton operates five sand and gravel sites and seven ready-mix concrete plants in Houston.
M&A activities weigh on SWK Q4 earnings
Stanley Black & Decker’s fourth-quarter earnings dropped 89% on a year-ago basis, due in large part to its mergers and acquisitions activities.
"During 2013 we made significant progress driving organic growth throughout the organization and the fourth quarter was no exception as the momentum continued from our organic growth initiatives," said chairman and CEO John Lundgren. "As we move into 2014 it is important to note that our long-term strategy and financial objectives remain intact. We are, however, focused on executing previously announced operating and capital allocation actions to boost returns in the near term. These actions demonstrate our commitment to drive sustainable improvements to the companys cash flow return on investment and drive shareholder value."
Net earnings for the company were $56.1 million for the fourth quarter, down dramatically over last year’s $492.1 million in income. Total earnings for 2013 came in at $490.3 million, nearly half of 2012’s $883.8 million.
Net sales for the quarter came in at $2.91 billion, up 9% over last year. Similarly, full-year revenues increased 8% to $11.0 billion.
SVP and CFO Donald Allan Jr. added that Stanley’s 2014 outlook would see a significant reduction in M&A charges, with an organic growth rate of approximately 4%.
"In addition to continuing to drive organic growth and improving security margins, enhancing our operating leverage is a key priority for 2014," said Allan. "The financial drag from the growth investments made in 2013 is mostly behind us and we will tightly manage SG&A expenses."
Russin Lumber hires VP market development
Montgomery, N.Y.-based Russin Lumber has added Scott Orr to the company’s executive team as VP market development.
A seasoned professional with a long tenure of success in building products, Orr comes to Russin having spent the past 25 years with Moulding & Millwork, most recently serving as group general manager heading up all sales and operations for the company in the northeast.
Orr brings to Russin a passion for sales management, training and customer service combined with an aggressive mentality focused on sales growth. “Scott is a great addition to our team at the perfect point in our company’s growth trajectory,” said Jordan Russin, the company’sVP sales and marketing. “His relationships and long history of sales success will help our company to grow rapidly as the industry expands.”
Orr lives in northern New Jersey and will work with Russin’s territory managers throughout its trading area. He is married with three children and is passionate about family and sports.
Russin Lumber is a manufacturer and distributor of building materials covering 13 Northeast and Mid-Atlantic states.