Third-quarter earnings up at 3M
St. Paul, Minn.-based 3M had record third-quarter sales and earnings, with earnings growth of 7.4 percent to $960 million compared with $894 million in the same period last year.
The company had net sales of $6.2 billion, up 5.8 percent from $5.86 billion last year.
George Buckley, 3M’s president, chairman and CEO, said the company saw gains across all its business segments. In consumer and office products, 3M saw sales grow 5.9 percent to $898 million compared with $848 million in the same period last year. The company’s safety and security products business saw sales rise 10.9 percent to $766 million from $691 million last year.
“The strength of the 3M portfolio was evident in the third quarter as we again generated record sales,” Buckley said. “Geographic diversity was also an important factor. We continue to accelerate investment in research and development, sales and marketing and in simplification of our supply chains.”
3M has business offices globally, with operations in other industries including industrial and transportation; health care; display and graphics; and electronics and communications.
CertainTeed sets sights on Las Vegas
CertainTeed Gypsum has announced plans to open a new manufacturing plant for joint compounds, tapes, powdered textures and other finishing products in north Las Vegas. Construction on the 100,000-squre-foot facility will begin this month, with production expected to begin late next year.
Based in Valley Forge, Pa., CertainTeed Gypsum already operates a wallboard plant in Las Vegas. The company, a subsidiary of Saint-Gobain, also has a joint compound plant in Kent, Wash.
When the second joint compound plant opens, CertainTeed Gypsum will be able to unite both of its product lines — wallboard and finishing products — in one shipment, the company said.
84 Lumber closes Minnesota stores
Citing a dearth of building activity in the St. Paul and Minneapolis region, 84 Lumber closed its two locations in that metro area. Employees were informed yesterday, said Jeff Nobers, vp-corporate communications.
“Building activity is almost non-existent in some of these markets,” Nobers said.
The two locations are Hugo, 17 miles northeast of St. Paul, and Lakeville, 19 miles south of Minneapolis. Combined, the lumberyards employed 34 people.
With $3.7 billion in sales reported for 2006, 84 Lumber ranked third on HCN’s Pro Dealer Top 350 list.
Other national pro dealers are also scaling back their locations and personnel to cope with the continued downturn. Pro-Build Holdings has closed 20 locations in previous months, and Stock Building Supply has shuttered 22 stores and cut 20 percent of its work force, or approximately 3,500 people.
During an analyst conference call in July, Builders FirstSource revealed it had reduced its work force by 18 percent — as measured by “full-time equivalent employees” — during the second quarter of 2007