Weyerhaeuser to sell Trus Joist Commercial
Federal Way, Wash.-based Weyerhaeuser plans to sell its Trus Joist Commercial division to Greenwich, Connecticut-based Atlas Holdings.
The transaction includes four manufacturing plants, located in Chino, Calif.; Hillsboro, Ore.; Delaware, Ohio; and Stayton, Ore. It would also include 13 sales and engineering offices. About 428 employees concentrated in the Northwest, Southwest and East serve the business.
Weyerhaeuser’s goal is to optimize its Commercial Business for long-term growth, according to Carlos Guilherme, iLevel by Weyerhaeuser vp-sales. The transaction would also “allow Weyerhaeuser to narrow its focus on core strategies in the residential structural frame market,” he said, in a prepared statement.
Terms of the deal were not disclosed. Weyerhaeuser’s sales were $16.3 billion in 2007.
Appeals court dismisses Home Depot classaction
Home Depot counted a victory in appellate court this week, following a decision by the 11th Circuit Court of Appeals to dismiss a two-year-old fraud class-action lawsuit.
The plaintiffs, all investors, had alleged that Home Depot executives were responsible for inflating its revenues artificially.
The primary plaintiff, the retirement board of Bucks County, Pa., alleged executives at Home Depot made misleading statements that improperly inflated financial results, and other violations under the Private Securities Litigation Reform Act of 1995.
The appellate court unanimously ruled that the class action did not meet the “stringent” requirements of the Reform Act.
Menards plans new store in Northern Illinois
Menards plans a new location in the town of New Lenox, Ill., part of a development that also features a Walmart store, a total 450,000-square-foot retail shopping center.
New Lenox, Ill. is located in the north central part of the state, just west of Joliet, Ill.
City officials welcomed the development at a recent groundbreaking event, saying it is a move that would help local economic development initiatives.
The Menards location is set to be a 240,000-square-foot “Mega Store.” Construction is expected to start on the site in spring of 2009, with an opening planned in 2010. Alongside that, a smaller 176,400-square-foot Wal-Mart Supercenter is planned.