Weyerhaeuser sells sawmill to West Fraser
Forest products giant Weyerhaeuser has agreed to sell its Kamloops, B.C.-based sawmill and associated timberlands to West Fraser Timber. Terms of the deal were not disclosed.
Bob Taylor, general manager of Weyerhaeuser’s British Columbia operations, said, “the decision to close the sawmill was accelerated as a result of continuing challenging markets in the U.S. and the rising Canadian dollar.” In August, Weyerhaeuser had announced it would sell the Kamloops sawmill to International Forest Products for an undisclosed sum.
Under the new deal, the sawmill is expected to permanently closed on May 12, a move that will affect 196 employees.
United Steelworkers (USW), which represents forest product workers affected by the closure, released a statement yesterday critical of the British Columbia government for allowing the sale. “It is increasingly clear that the government’s forest policies are allowing private corporations to make overnight profits from the sell-off of our public lands,” said USW Western Canada director Stephen Hunt.
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.