TimberStar Southwest sold for $1.7 billion
TimberStar Southwest, a joint venture owned by commercial real estate financial firm iStar Financial and a group of equity investors, has been sold to Boston-based Hancock Timber Resource Group, a global timberland investment group.
Hancock will pay $1.71 billion for the assets, including assumption of some debt. In October 2006, TimberStar Southwest purchased the acreage and lumber properties from International Paper for $1.19 billion.
The deal includes approximately 900,000 acres of forestland with facilities in Arkansas, Louisiana and Texas.
“We are very pleased to reach an agreement with TimberStar on the acquisition of these excellent and highly productive timberlands,” said Dan Christensen, president of Hancock.
Hancock Timber manages approximately 3.7 million acres of timberland in the Pacific Northwest, southeastern United States, Brazil, Canada, New Zealand and Australia.
Wal-Mart up for fourth quarter and year
Bentonnville, Ark.-based Wal-Mart Stores reported net income for its fourth quarter ended Jan. 31, 2008, at $4.1 billion, up 4 percent from $3.9 billion from the same quarter in 2007. The company reported net sales at $106.2 billion, up 8.3 percent from $98.1 billion last year.
For the year, the company reported net income of 12.7 billion, up 12.8 percent from $11.3 billion last year. The company reported net sales for the year at $374.5 billion, up 8.5 percent from $344.9 billion last year. Non-fuel comp-store sales in the United States were up 1.7 percent for the three months, and up 1.4 percent for the full year.
“For the fourth quarter, we topped $100 billion in sales, the first time in history that any retailer has reached this milestone in a single quarter,” said Lee Scott, Wal-Mart Stores president and CEO. “We had a very strong underlying operating performance, exceeding our expectations for the quarter. In addition to another year of record sales and earnings, we also delivered a record return to our shareholders this year through more than $11 billion in share repurchase and dividends.”
Scott attributed the company’s strong results on Wal-Mart’s price leadership and improved customer service, especially in the United States.
“The price leadership strategy we put in place at the beginning of the year was exactly the right strategy for our customers around the world in a tough economic environment,” Scott said. “The combination of price leadership and improved customer service made the difference in the fourth quarter for our U.S. operations,” he said.
ABC Supply names CEO
ABC Supply, the nation’s largest distributor of roofing materials, has named David Luck as the company’s new CEO. Luck joined ABC Supply in 1998 as president and chief operating officer. He will continue in his role as president.
Luck will replace ABC Supply founder and CEO Ken Hendricks, who died on Dec. 21, 2007, after falling from a construction site at his home in Afton, Wis.
Prior to being hired at ABC Supply, Luck served as president and CEO of Bridgestone/Firestone retail operations and executive vp of Bridgestone/Firestone. He retired from Bridgestone/Firestone after 27 years to join ABC Supply.
Headquartered in Beloit, Wis., ABC Supply also distributes siding, windows and other exterior building materials. The company ranked fifth on Home Channel News’s Top 350 Pro Dealer scoreboard in 2007, with sales of $3 billion.