Wolseley makes two more acquisitions
Wolseley, the United Kingdom-based parent of Stock Building Supply and Ferguson, has announced two recent acquisitions in North America and Europe.
The company’s Ferguson division acquired Fire Fab, a distributor and fabricator of fire safety and suppression systems. Fire Fab, based in Minneapolis, had revenue of $12.4 million last year.
“This acquisition expands Ferguson’s presence in the growing fire protection market,” the company said in a statement.
Additionally, Wolseley’s Nordic region subsidiary, DT Group, acquired Sweden-based Save Tra Forsaljnings, a builders’ merchant with two branches in Sweden. The company had revenue of $16.5 million last year.
“This is the eighth bolt-on acquisition since DT Group joined Wolseley Group and is consistent with the plan to expand DT’s heavy side building materials footprint in the Nordic region,” the company noted.
Black & Decker second-quarter earnings down
Tool giant Black & Decker recorded second-quarter net earnings of $118 million, down 22.4 percent from $152.2 million in the same period last year. The earnings were at the high end of the company’s corporate guidance, according to a statement.
Sales were flat compared with last year at $1.7 billion.
“Black & Decker met our earnings expectations in the second quarter despite persistent challenges in the U.S. residential construction sector,” said Nolan Archibald, chairman and CEO. “Our international divisions…continued to deliver outstanding results, partially offsetting the domestic headwinds.”
Archibald said sales from the company’s power tools and accessories segment decreased 2 percent, while the company’s Price Pfister faucet business gained market share and grew sales at a double-digit rate.
“The Asian business and European industrial division continued to grow,” he added.
Archibald said the company predicts a continued weak housing industry “and significant commodity inflation [that] will continue to adversely affect our earnings comparisons.”
Litigation session scheduled for ProDealer Conference
Sam McDermott, a partner with Wood, Smith, Henning & Berman, will conduct a roundtable discussion on litigation risks at the 11th annual ProDealer Conference. His session is scheduled for Sept. 20.
McDermott specializes in defending LBM dealers, builders and contractors in mold-related claims, construction defect lawsuits and other liability issues. His presentation will address risk management items as well as insurance issues and how to respond to a lawsuit.
The ProDealer Conference, sponsored by Home Channel News, is scheduled for Sept. 19 to 21 at Loews Coronado Bay Hotel in San Diego. Networking events will include a night at the Padres game and a City of Hope golf tournament. For more information, visit www.prodealer.com.