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Wattyl accepts takeover offer from Valspar

BY HBSDEALER Staff

Australia based paint manufacturer Wattyl has accepted a $142 million takeover offer from Minneapolis-based Valspar, according to the Sydney Morning Herald  .

According to the article, Wattyl jumped at the deal once Valspar increased its cash offering by more than 30% its original offer.

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Former Ace director dies at 89

BY HBSDEALER Staff

Gregg Ziegler, the past director and vice chairman of Ace Hardware Corp.’s board of directors, was laid to rest last week. He was 89.

The World War II veteran joined the family business, Ziegler’s Ace Hardware, after graduating from college in 1947. He was the recipient of the 1983 Illinois Retail Merchants Association’s Retailer of the Year. Today, Ziegler’s Ace operates 11 locations in Illinois.

According to his obituary in the Chicago Tribune, Ziegler was also an accomplished driver who set the NASCAR record for the Flying Mile event at Daytona Beach in 1960.

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Armstrong names new CEO

BY HBSDEALER Staff

Lancaster, Pa.-based Armstrong World Industries announced the appointment of Matthew Espe as president and CEO by its board of directors, effective late July. Espe, 51, succeeds Michael Lockhart, who stepped down in February.

Prior to joining Armstrong, Espe served as chairmen and CEO of Ricoh Americas Corp., a provider of document management solutions and services. Espe served as chairmen and CEP of IKON Office Solutions, which was acquired by Ricoh in 2008. Prior to that, Espe served as president and CEO of GE lighting.

“Matt brings a proven track record of placing a strong focus on customer service and profitable growth and is ideally suited to lead Armstrong into its next phase of growth,” said James J. O’Connor, Armstrong’s chairman. “Matt is an experienced executive who knows how to run large organizations efficiently and effectively. Throughout his career he has built businesses using systems and efficiency improvements, such as Six Sigma, to grow revenue and improve profitability.”

Armstrong World Industries is a manufacturer of floors, ceilings and cabinets. Armstrong’s net sales totaled $2.8 billion in 2009.

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