Zep names Manganello to board
Atlanta-based Zep Inc. announced the election of Timothy Manganello to the company’s board of directors at its Annual Meeting of Stockholders held on Jan. 6, 2011.
Manganello is the chairman and CEO of BorgWarner Inc. His term as director expires in 2013.
“We are pleased to have such an experienced executive from the automotive industry join our board of directors, as this market is of growing importance to our business. His background in the automotive space, as well as his extensive management experience, will bring valuable contributions to our board,” commented John K. Morgan, chairman, president and CEO of Zep.
The company also reelected stockholders John Morgan, Joseph Squicciarino and Timothy Tevens to the class of directors whose terms expire at the 2014 annual meeting.
FBI investigates terrorist threats against HD, Andersen Windows
The FBI has opened an investigation in a series of threatening letters received by Home Depot stores and Renewal by Andersen businesses in the Twin Cities area, according to an article in the St. Paul Pioneer Press.
A total of 13 letters containing a white powder substance — which later turned out to be sodium bicarbonate, or baking soda — were mailed to eight Home Depot stores in Apple Valley, Eagan, Forest Lake, Hastings, Hudson, Inver Grove Heights, Maplewood and Woodbury. Similar letter were mailed to five Renewal by Andersen, a window replacement business, in Bayport, Burnsville, Cottage Grove, Edina and Roseville, the FBI said.
Federal agents gave no information about the content of the letters, which were received between Dec. 31, 2010 and Jan. 6, 2011. The return address on each envelope was identical, and the letters seem to have been photocopied, authorities said.
Q1 sales increase 4% for WD-40 Co.
Sales were up, but earnings were down for San Diego-based WD-40 Co.
Sales for the first quarter ended Nov. 30 were $80.9 million, an increase of 4% from the first quarter last year. Net income for the first quarter was $9.1 million, down 4% from the prior fiscal year first quarter.
"We had a solid performance in the first quarter that reflects the hard work and focus we have put into our four strategic initiatives, and that continues to serve us well," said Garry O. Ridge, WD-40 president and CEO. "As it relates to the geographic expansion strategic initiative, we have been successful in building our base business across the globe and we have seen robust growth in many international markets, while maintaining our gross margins above our target of 50%."
America’s segment first quarter sales were $39.2 million, down 10% compared to the first quarter of last fiscal year. Most of the company’s first-quarter sales — 62% — were from outside the U.S.
"The solid growth we have seen in markets like China, where we doubled our sales in the first quarter, is a result of us building our core business coupled with significant promotional activity aimed at building distribution and increasing end-user awareness."
WD-40 Company expects fiscal year 2011 net sales to grow 5.7 % to 10.4% to the range of $340 to $355 million.