Tembec halts lumber sales for now
Canadian lumber manufacturer Tembec put a temporary halt on the sale of its lumber in North America, citing the combination of a surging Canadian dollar and declining lumber prices.
Dennis Rounsville, executive vp and president of Tembec’s Forest Group, told the Canadian Press Friday that the company was evaluating the market and was taking a couple days to assess the situation. One possibility is to introduce increased prices, a move that runs the risk of leading to market share erosion.
Temiscaming, Quebec-based Tembec is an integrated forest products company with extensive operations in North America and France. With sales of approximately $3.5 billion and some 9,000 employees, it operates 50 market pulp, paper and wood product manufacturing units.
Bankruptcy judge gives green light to Kara Homes reorganization
New Jersey home builder Kara Homes has been given the green light to exit Chapter 11 bankruptcy protection, following a judge’s decision in U.S. Bankruptcy Court in Trenton, N.J.
The home builder will be managed by Connecticut-based hedge fund Plainfield Specialty Holdings, New Jersey developer Glen Fishman and a buyout firm based in San Diego, Del Mar Capital.
The East Brunswick, N.J., home builder filed for Chapter 11 protection in U.S. Bankruptcy court last October.
At that time, the company said it owed about $297 million to woodworking, concrete, lumber, electrical and plumbing dealers, while holding assets of only $350 million. Those assets primarily included unsold homes and land.
Pro-Build names technology executive
Pro-Build Holdings has announced the appointment of David Walstad to the position of vp-advanced component technology, where he will oversee the exploration of new technology, including robotics, into the pro dealer’s component manufacturing division.
Aformer vp-manufacturing for the Strober Organization, Walstad has also served as president and chief operating officer of U.S. Components, the company’s manufacturing division. Before joining Strober, Walstad served two years as vp and general manager for Metal Components in Atlanta and 10 years as division manager for Stock Lumber in Green Bay, Wis.
In his new role, Walstad will oversee the construction of Pro-Build’s fully robotic truss assembly plant, slated to open in 2008.
Pro-Build currently operates more than 500 lumberyards and manufacturing facilities in 40 states. It occupies the No. 1 spot on HCN’s Pro Dealer Top 350, with $5.17 billion in sales in 2006.