Warren Buffet leaning toward USG acquisition
While USG’s board of directors has opposed a proposed acquisition by German building materials firm Knauf, the company’s largest shareholder appears to be favoring the move.
Warren Buffet and his Berkshire Hathaway company are planning to vote against four board nominees standing for election at USG’s upcoming annual shareholders meeting. And Buffet is USG’s largest shareholder with a 31% ownership of the Chicago building material manufacturer’s stock.
Last month Knauf proposed a $5.9 billion bid to buy USG with an offer of $42 per share. The company has since said that shareholders should vote against the board members standing for election in May.
Based in Iphofen, Germany, Knauf manufactures building materials and operates 220 factories worldwide. The company has invested heavily in USG since 2000 and is the company’s second-largest shareholder behind Buffet.
Shares of USG have reached their highest level in more than a year since talk of a acquisition began last month and hovered just below $41.
Trex introduces Protect joist and beam tape
Trex, the composite decking manufacturer, has introduced a new product designed to protect the substructure of decks including joists and beams.
Trex Protect Joist Tape and Beam Tape is a self-adhesive butyl tape designed to protect wooden joists and beams from moisture that can lead to rot, splitting and the loosening of deck screws and fasteners.
“If a homeowner is going to invest in a premium, wood-alternative deck warrantied to last several decades, it’s logical that they would want the substructure to last just as along,” said Dave Kile, North American sales manager for Trex Protect.
Trex Protect shields the tops of joists, rim joists, ledger boards and beams from moisture that leads to decay. It also acts as a barrier between wood and galvanized metal used in construction hardware such as joist hangers.
The product also seals deck fasteners and helps screws hold longer and stronger while preventing moisture penetration and defending against splitting that can result from seasonal freezing and thawing.
Available in two widths – 1-5/8” for joists and 3-1/18” for beams – Trex Protect works on horizontal and vertical surfaces and is applied as a “cap” as opposed to a wrapping, allowing the wood breathe.
Sears ending an era in Chicago
Sears will close its final store in Chicago — the city that the retailer called home for more than 100 years.
The store, located at 4730 W. Irving Park Road, will completely close this July with a liquidation sale beginning on April 27.
Situated at Six Corners in Chicago, the location was among 260 stores sold to real estate investment trust Seritage Growth Properties in a sale lease-back transaction three years ago.
“The Sears at Six Corners was the shopping district’s anchor business since it first opened to large crowds on October 20, 1938,” Sears said in a statement. “For more than 120 years, Sears has called Illinois home and that is not changing. Although we are disappointed by this last store closure in Chicago, by no means does this change our commitment to our customers and presence to Chicago’s residents.”
But this closing is among the latest round as the faltering retailer continues to shutter hundreds of stores across the country, while putting some properties up for auction online.
For more about Sears final Chicago store, read about it on CNBC.