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Wolseley completes deal for French truss company

BY HBSDEALER Staff

Wolseley, the U.K.-based parent of Stock Building Supply and building materials dealer Ferguson, has cleared regulatory requirements to acquire France-based Sofiparts, a designer and manufacturer of roof trusses.

The company had assets of 24.5 million British pounds (US$53.5 million), with total sales of US$177.6 million in 2006.

Sofiparts has 19 production sites in France, and the move “is in line with Wolseley France’s strategy to move into the truss assembly market and further increase its presence in the new residential sector,” the company said in a statement.

In an earlier statement, Wolseley CEO Chip Hornsby called Sofiparts “a leading operator in the truss and wood frame housing market, which will further complement our existing building materials operations in France.”

As earlier reported by HCN, Wolseley made several North American acquisitions recently through its Stock Building Supply and Ferguson subsidiaries. They include KBC Construction, Architectural Building Supply, Jacobi Hardware and J.D.’s Wholesale Plumbing & Supply.

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Newell Rubbermaid names new board member

BY HBSDEALER Staff

Home goods maker Newell Rubbermaid has named Domenico De Sole, former CEO of Gucci Group, to its board of directors.

The appointment raises the total number of board members to 12, the company said.

De Sole also serves as chairman of Tom Ford International.

Previously, De Sole was a partner at Washington, D.C., law firm Patton, Boggs & Blow.

Newell Rubbermaid is a global marketer of consumer and commercial products, with brands including outdoor products manufacturer Bernzomatic, Rubbermaid and kitchen housewares maker Calphalon.

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TOUSA reports third-quarter loss of $619.7 million

BY HBSDEALER Staff

Home builder Technical Olympic USA (TOUSA) reported third-quarter net losses of $619.7 million, wider than the $80 million in losses the company reported last year. Revenue fell 15 percent to $492.9 million from $576.8 million in the same period last year.

The company was hit with $530.6 million in one-time, pre-tax charges related to the abandonment of land option contracts and inventory issues.

TOUSA reported consolidated net sales orders of 892, a 33 percent decrease from last year. The company’s cancellation rate increased to 47 percent, compared to 33 percent for the third quarter of 2006 and 33 percent for the second quarter of 2007.

The New York Stock Exchange has halted trading of the company’s stock, following a drop in stock price to below $1.05. If stocks continue to be low, the company is in danger of being delisted by the NYSE.

Hollywood, Fla.-based TOUSA is a national home builder and financial services company with operations in Florida, the Mid-Atlantic, Texas and the West.

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