News

Hammond Lumber makes big merger move in Maine

Hammond Lumber is acquiring EBS Building Supplies and will form mega-Maine dealer with more than 20 locations.

BY HBSDealer Staff

In a big consolidation move for the State of Maine, Hammond Lumber is acquiring EBS Building Supplies.

Based in Belgrade, Maine, Hammond Lumber operates 13 locations in the state while Ellsworth-based EBS operates 10 coastal locations. Part of the move includes the closing of Hammond’s locations in Pemaquid and Wilton with staff being reassigned.

The new combined company will now operate 21 locations across Maine.

The deal was announced in a letter from CEO Mike Hammond and vp Mike Hammond published on Hammond Lumber’s web site.

“Both companies feel it comes at the right time and is a win-win,” the letter reads. “An important part of the announcement is to reassure our customers that all our locations and employees will continue to embody the core value that has made the two companies so successful; extraordinary customer service.”

Hammond Lumber has also established a web page designed to help customers with any questions they might have regarding changes at the company.

“We also recognize there will undoubtedly be questions, which is why as part of our planning process we have answered some of the frequently asked questions on our website,” Hammond Lumber said.

Terms of the deal were not disclosed.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

Do you expect the number of billion-dollar natural disasters to increase or decrease in 2019?
News

Pending home sales decline in May

Would-be buyers this spring were kept out of the market because of supply and affordability constraints.

BY HBSDealer Staff

Pending home sales slumped in May and have now fallen on an annualized basis for the fifth straight month, the National Association of Realtors (NAR) reported today.

The NAR’s Pending Home Sales Index, which is based on based on contract signings, decreased 0.5% to 105.9 in May from 106.4 in April. A steeper decline in the South offset gains in the Northeast, Midwest, and West.

“Realtors in most of the country continue to describe their markets as highly competitive and fast moving, but without enough new and existing inventory for sale, activity has essentially stalled,” said Lawrence Yun, NAR chief economist.

Yun attributes the soft spring season to a supply issue, and not one of weakening demand. The latest data points to home price gains outpacing income growth as inventory declined on an annual basis for the 36th consecutive month. Listings typically went under contract in just over three weeks, the NAR said.

“With the cost of buying a home getting more expensive, it’s clear the summer months will be a true test for the housing market. One encouraging sign has been the increase in new home construction to a 10-year high,” added Yun.

Would-be buyers this spring were kept out of the market because of supply and affordability constraints.

Yun now forecasts for existing-home sales in 2018 to decrease 0.4% to 5.49 million – down from 5.51 million in 2017. The national median existing-home price is expected to increase around 5% percent. In 2017, existing sales increased 1.1% and prices rose 5.7%.

The PHSI in the Northeast increased 2% to 92.4 in May, but is still 4.8% below a year ago. In the Midwest the index rose 2.9% to 101.4 in May but is still 2.5% lower than May 2017.

Pending home sales in the South declined 3.5% to an index of 122.9 in May (unchanged from a year ago). The index in the West inched forward 0.6% in May to 94.7, but is 4.1% below a year ago.

Sales of newly built, single-family homes increased 6.7% in May to a seasonally adjusted annual rate of 689,000 units after a downwardly revised April report, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported earlier this week.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

Do you expect the number of billion-dollar natural disasters to increase or decrease in 2019?
News

Arrowhead Building Supply breaks ground

A new 75,000-square-foot facility will house Arrowhead’s corporate offices, warehouse, and showroom and 2-story interactive home.

BY HBSDealer Staff

Arrowhead Building Supply has officially broken ground on its new 75,000-square-foot facility.

Bulldozers went to work on June 22, removing asphalt and trees from the property, Arrowhead Building Supply owners and management gathered for a groundbreaking ceremony, along with vendors and local government officials.

Arrowhead owners Larry Saxe and Jerry Pogue, and his children Tami and Rick Pogue, dug in and shoveled out the first dirt.

Facing Interstate 70 in St. Peters, Mo., the facility is scheduled to open in the Spring 2019. The new building will house the corporate office, warehouse and a 7,000-square-foot showroom.

The centerpiece of the showroom will be a 2-story home that interactively displays all the building products Arrowhead carries.

Based in St. Peters, Mo., Arrowhead operates 6 locations in Missouri, Illinois, and Arkansas.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

Do you expect the number of billion-dollar natural disasters to increase or decrease in 2019?