UFPI agrees to purchase National Fiber
A subsidiary of Universal Forest Products Inc. has agreed to purchase the assets of National Fiber, a Massachusetts-based producer of cellulose insulation.
With a strong presence in the Northeastern U.S., National Fiber distributes its Cel-Pak and Nu-Wool insulation, as well as installation machines, to professional cellulose installers in the region.
“This is a strong complement to our housing and construction business, which continues to improve in the Northeast,” said UFPI CEO Matthew J. Missad. “National Fiber has built a solid business and an excellent reputation as a leader in the cellulose insulation industry, using predominantly recycled materials. We’re delighted to add the company and its people to the Universal family of companies and look forward to growing success together for many years to come.”
National Fiber has reported expected sales of $12.5 million for 2014. The transaction is slated to close by Jan. 31.
Lifetime Brands buys Kitchen Craft
Lifetime Brands has purchased Kitchen Craft, a U.K. kitchenware products and accessories supplier formally known as Thomas Plant (Birmingham) Ltd.
"Kitchen Craft’s broad ranges of kitchenware products fill a gap in our existing U.K. housewares assortment that will complement the tableware and gift assortments marketed by Creative Tops," said Lifetime Brands chairman and CEO Jeffrey Siegel.
Kitchen Craft products are stocked in 70 countries under brand names such as Master Class, Molten, Natural Elements and Kitchen Craft. Under the agreement, it will become a separate division of Lifetime Brands Inc. and will maintain its current management structure.
Thomas Plant made approximately $70 million in revenue for the fiscal year of 2013. The specific financial terms of the agreement were not disclosed.
RSI recalls bathroom cabinets sold at Home Depot
RSI is recalling four models of Glacier Bay-branded bathroom medicine cabinets, sold exclusively at Home Depot between August and October of 2013.
According to the Consumer Product Safety Commission (CPSC), the mirror on the back panel has demonstrated a tendency to fall out, posing an injury risk to consumers.
There have been two reported incidents of the mirror detaching and falling out, though no injuries have been reported.
The recall affects approximately 14,000 units of cabinets sold in 21, 23 and 30-inch widths. Available in cognac, java or white finishes, the affected cabinets have the following model numbers, visible on the box they came in: S2327OS-ACO, S3027OS-ACO, S2127C-JAV and S2127C-WHT.