HBSDealer Stock Watch: Thursday’s Bears
|Hardware and building supply stocks posted another down day on Wall Street. Most of the 30 stocks tracked below finished the day lower.|
|BLDR (Builders FS)||13.37||-0.82%|
|BMCH (BMC Stock)||17.49||-1.24%|
|CENT (Central Garden)||34.30||-0.32%|
|DE (Deere & Co.)||146.47||-0.67%|
|HD (Home Depot)||189.74||-2.04%|
|LL (Lumber Liquidators)||13.71||-1.22%|
|SMG (Scotts Miracle-Gro)||73.24||-3.15%|
|TSCO (Tractor Supply)||85.23||+0.48%|
|UFPI (Universal Forest)||32.90||-3.55%|
Lowe’s doubles down on hurricane assistance
The retailer is donating another $2 million in disaster relief.
Following the path of destruction Hurricane Michael cut through the Florida Panhandle region, Lowe’s Home Improvement has pledged $2 million in disaster relief support for associates, customers and communities impacted by the devastation.
The move increases Lowe’s 2018 hurricane aid to $4 million.
Lowe’s said it plans to work with nonprofit partners and government agencies to deploy the additional $2 million committed to short-term relief and long-term recovery needs.
The Mooresville, N.C.-based retailer has immediately donated $250,000 to the American Red Cross for disaster relief efforts. Funds will support disaster response, including the support of evacuation centers and shelters for thousands of displaced residents and mobilization of volunteers and relief supplies, Lowe’s said.
Lowe’s donation to disaster relief helps Red Cross in providing safe shelter and critical supplies, including blankets, hygiene kits, food and water. The company has also activated its American Red Cross Disaster Relief customer donation program on Lowes.com.
“Even before a natural disaster strikes, our focus is on the safety and well-being of our associates, customers and communities,” said Marvin Ellison, Lowe’s president and CEO. “Before, during and after a disaster, we are committed to helping residents of the communities we serve, and today’s commitment starts by providing a safe shelter and critical supplies for our thousands of neighbors impacted by the devastation.”
Before the storm, Lowe’s worked to deliver the right products as quickly as possible and to help store teams make emergency preparations. Lowe’s Emergency Command Center expedited nearly 400 truckloads of needed supplies, including generators, bottled water, sand, plywood, chainsaws, trash bags, gas cans and tarps.
“After any storm makes landfall, we transition to mobilizing our Employee Relief Teams who volunteer to be deployed to the hardest-hit areas so that impacted associates can focus on their families’ needs. More than 100 Lowe’s associates stand poised to deploy to areas impacted most by Hurricane Michael,” Ellison added.
Lowe’s said it will further support affected associates by doubling the company’s match to the Lowe’s Employee Relief Fund, which provides financial assistance in times of crisis. Since it was established in 1999, the fund has helped more than 30,000 associates by providing more than $35 million in financial aid, the company said.
Boise Cascade acquires Arling Lumber
Arling is a third-generation, wholesale distributor of lumber, plywood, and OSB.
Boise Cascade Company has acquired Arling Lumber, Inc., headquartered in Cincinnati, Ohio.
Arling is a third generation, family-owned and operated wholesale distributor of lumber, plywood, OSB, and engineered wood products.
“Arling is an exceptional supplier of many forest products,” said Nick Stokes, executive vice president of Boise Cascade. “With their experienced and knowledgeable team, they will be a great addition to our nationwide distribution network and will enhance our service capacity in the Ohio market.”
“Boise Cascade has been a valued supplier to Arling Lumber for over 45 years,” said P.J. Arling, president of Arling Lumber. “This is an ideal strategic and cultural fit that will allow the combined organization to grow and provide more value to our customers.”
The acquisition is expected to be completed in the fourth quarter. Terms of the deal were not disclosed.
Based in Boise, Idaho, Boise Cascade is one of the largest producers of engineered wood products and plywood in North America and a leading U.S. wholesale distributor of building products.