Standard Pacific names new CEO
Standard Pacific, the Irvine, Calif.-based home builder, has named Jeffrey V. Peterson as the company’s new CEO and chairman.
Peterson replaces Stephen J. Scarborough, who earlier announced his retirement.
Peterson has served as a director of Standard Pacific since 2001 and as lead independent director since 2004. He also served as chairman of the company’s nominating and corporate governance committee and a member of the executive and compensation committees, according to the company.
Prior to his new management role at the company, he engaged in private investment, including in real estate, and served as a managing director of Trust Company of the West, a Los Angeles-based investment management firm.
Standard Pacific operates primarily in southern and western housing markets, including California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada.
Wal-Mart to recycle tires into mulch
Bentonville, Ark.-based Wal-Mart stores announced it will be recycling used tires into rubber mulch, which it will make available in its Wal-Mart and Sam’s Club stores this week.
The retailer will recycle approximately 2.5 million tires in 2008 to manufacture the eco-friendly Majestic rubber mulch mini nuggets, which the company said is ideal for landscaping and covering play grounds, pools and pond areas.
“We know consumers want to make the most of their time at home this spring and summer, and we want to provide them with product offerings that help create a safe outdoor family environment at the best value,” said Andy Barron, senior vp and general merchandise manager for Wal-Mart. “Our process of recycling millions of used tires into rubber mulch products is yet another way to help our customers live better while also helping the environment.”
The company said the Majestic rubber mulch joins rubber garden edging and tree rings already available at Wal-Mart and Sam’s Club — all made from 100 percent recycled tire rubber. In addition, gardeners can find environmentally safer pesticides and plants in biodegradable pots.
Forest Stewardship Council-certified Home Trends outdoor furniture pieces as well as solar powered outdoor lighting will also be available at Wal-Mart and SamOs Clubs this spring.
Wal-mart said the new recycled products are another step in the company’s ongoing commitments to reaching its zero-waste goal and providing access to affordable eco-friendly products.
Stock Building Supply reports loss in half-year results
Stock Building Supply, the second largest pro dealer in the United States, reported $89 million in losses for the six-month period ended Jan. 31. This compares to profits of $81 million for the same period a year ago.
Revenues were reported at $1.79 billion, down 25.7 percent from sales of $2.4 billion during the comparable period last year.
As part of cost-cutting moves by parent company Wolseley, Stock closed 22 branches during the six-month period, ending with 286 locations. In July 2007, the pro dealer operated 308 outlets. Stock also reduced its head count during the period by 1,750.
Ferguson, also owned by U.K.-based Wolseley, turned in a stronger performance, with revenues rising 3.2 percent to $5.5 billion. Profits were up by 4.9 percent to $350 million. In response to the slowing residential market in the first half of its fiscal year, Ferguson reduced its head count by 1,575, approximately 6 percent of its total employees.
Revenues for Wolseley Canada increased by 3.7 percent to C$684 million. Profits were lower, however, with a 15 percent drop, from C$41 million a year ago to C$35 million in the current period.
Overall, Wolseley’s revenues increased 2 percent to approximately $15.8 billion during the six-month period. But profits dropped 23 percent to approximately $595 million, which the company attributed to losses posted by Stock.
Wolseley is a worldwide distributor of plumbing and heating supplies and building materials, with operations in 27 countries.