USG and Boral joint venture on track, but delayed
The USG Corporation/Boral Limited joint venture, which was originally slated for completion Jan. 31, has been delayed about a month over regulatory procedures.
The completion of the 50/50 strategic joint venture is now expected to occur on or before Feb. 28, 2014.
The joint venture, to be named USG Boral Building Products, will include Boral’s Gypsum division, which includes its plasterboard operations in Australia and Asia, and USG’s Asian and Middle Eastern businesses.
The move is aimed at harnessing both companies’ branding, geographic footprint and positioning within the burgeoning plasterboard market.
Q4 sales and earnings decline at Plum Creek
Seattle-based Plum Creek Timber Co. posted fourth-quarter earnings of $40 million, down from $79 million in the same quarter last year.
Sales in the fourth quarter were $331 million, down 6.9% from $354 million.
Results for the fourth quarter include $12 million of expenses directly related to the completion of the company’s December acquisition of timberland, real estate, and subsurface resources from MeadWestvaco Corp.
“Over the course of the past year, results have improved significantly in our timber resources, manufacturing and non-timber resource businesses,” said Rick Holley, CEO. “Importantly, we achieved our goal of growing the adjusted EBITDA from these three business segments by approximately $50 million. We completed a very good fourth quarter, with earnings coming in at the high-end of our initial expectations after taking into consideration the expenses related to closing the acquisition. Momentum is building, and we are well positioned to grow the company’s overall cash flow in 2014."
For the full year, earnings were $214 million, up 5.4% from $203 million in the previous year. Full-year revenues of $1.34 billion were essentially flat.
PGT hires new sales managers
North Venice, Fla.-based PGT Industries, a national supplier of residential impact-resistant doors and windows, has hired Doug Ferrante and Jamison Eige to its sales team.
"Expanding our sales leadership provides PGT with the ability to capitalize on the growth and momentum we see in the market place," said Todd Antonelli, VP sales and marketing. "Doug and Jamison have the strategic and team building skills to help develop new opportunities and facilitate key relationships."
Ferrante joins PGT from H.D. Smith and Cardinal Health, where he worked in sales and business development. As the first-ever national account sales manager, he will be responsible for all national accounts.
Meanwhile, Eige will serve as regional sales manager for Southwest Florida. He has been working in the building products industry for some time, most recently with AWP Windows and Doors.