Home Channel News NewsFax articles from September 2005

Home Channel News NewsFax archives from September 2005

True Value meets in the Mile High City.(True-Value Hardware)(Brief Article)
September 26, 2005... In his first market appearance, new True Value president and CEO Lyle Heidemann urged members to maintain a "partnership" with the Chicago-based hardware co-op by sourcing more products through True Value. "For our co-op to succeed, True...

Jason Gore takes 84 Lumber Classic.(Golf competitions)(Brief Article)
September 26, 2005... Jason Gore outlasted the field to take the 5th annual 84 Lumber Classic, held in Farmington, Pa. Gore shot two-under-par 70 in the final day of play, edging second place finisher Carlos Franco. The tournament continues to be the crown jewel...

Parr Lumber opens new cabinet outlet.(Brief Article)
September 26, 2005... Parr Lumber opened the doors on a new cabinet outlet in Seattle, the third operation of its kind for the pro dealer based in Hillsboro, Ore. The new location will carry a large in-stock assortment to reduce the four to six week wait time...

Container Store names new CFO.(Sharon Ellis appointed as chief financial officer)(Brief Article)
September 26, 2005... Dallas-based Container Store has named Sharon Ellis as the company's new chief financial officer. Ellis most recently served as senior vp-commercial banking at JP Morgan Chase. The company's prior CFO, Stefan Ferm, will now act as chairman...

BMHC named Pro Dealer of the Year.(Building Materials Holding Corporation awarded at 9th Annual Pro Dealer Conference )(Brief Article)
September 26, 2005... At the 9th Annual Pro Dealer Conference in Scottsdale, Ariz., Building Materials Holding Corporation (BMHC) was honored as the Pro Dealer of the Year. The award was presented to BMHC's management team in attendance: Ellis Goebel, senior...

EEOC files suit against Home Depot.(BREAKING NEWS)
September 26, 2005... The federal Equal Employment Opportunity Commission has a filed lawsuit against Home Depot alleging that a black employee was subjected to racial harassment and then fired after he complained, according to an Associated Press report. ...

Metro AG to take Praktiker chain public.(Praktiker Bau- und Heimwerkermarkt GmbH und Company KG)(Brief Article)
September 26, 2005... Metro AG, the retailer based in Frankfurt, Germany, will spin off its Praktiker home improvement chain through an initial public offering, according to a Dow Jones report. Around 700 million Euros (US$850 million) in shares will be issued in...

KB Home profits nearly double.
September 26, 2005... Los Angeles-based KB Home, one of the nations largest home builders, reported third-quarter 2005 profits of $227.5 million--a 93 percent increase compared to profits of $117.9 million in the third quarter of 2004. Total third-quarter revenues...

Lowe's teams up with PTO, PTAs.(Lowe's Companies Inc. awards grants to parent-teacher organizations and parent-teacher associations)(Brief Article)
September 26, 2005... Through its new Toolbox for Education program, Lowe's plans to award grants to parent-teacher organizations (PTOs) and parent-teacher associations (PTAs) for improvement projects at up to 1,000 schools nationwide. Toolbox for Education will...

Housing starts slip 1.3 percent.(Brief Article)
September 26, 2005... Privately-owned housing starts in August were at a seasonally adjusted rate of 2.01 million--a 1.3 percent drop from the revised July estimate of 2.04 million, according to the Commerce Department. Single-family housing starts in August were...

Stanley buys National Hardware.(Stanley works)(Brief Article)
September 26, 2005... New Britain, Conn.-based Stanley Works has announced its intent to purchase National Hardware, a leading supplier of fasteners in the home channel, for $170 million. The all-cash deal, subject to approval by two-thirds of National's...

Stock watch.(Brief Article)(Illustration)
September 26, 2005... STOCK WATCH 9/23 9/16 % Chg. % Chg. Company Close Close in Week Yr. Ago Andersons 28.54 28.11 1.53 11.92 Bed Bath & Beyond ...

IRS concludes its audit of USG.
September 19, 2005... The Internal Revenue Service has finalized its regular audit of USG's federal income tax returns for the years 2000 through 2002, resulting in an increase in the company's reported earnings for 2005 of $25 million and net cash outflows by the...

Newell Rubbermaid to close factories.(Brief Article)
September 19, 2005... The Atlanta-based manufacturer plans to close one-third of its 80 factories and lay off 5,000 employees over the next three years. The cost of these restructuring initiatives will be $295 million to $340 million, starting with about $220...

Depot to pay Costello for two years.(John Costello)(Brief Article)
September 19, 2005... John Costello, who left his post as executive vp-merchandising and marketing at Home Depot last month, will continue to be paid for two years. In documents filed with the Securities and Exchange Commission, Costello will receive his annual...

Masco adds new leadership.(Timothy Monteith )(Brief Article)
September 19, 2005... Masco named Timothy Monteith to the newly created position of vp and chief information officer, reporting to COO Alan Barry. Monteith comes to Masco from Domino's Pizza, where he was executive vp and CIO. In that role, Monteith led a...

Post-Katrina, U.S. may rethink tariffs.(BREAKING NEWS)
September 19, 2005... With a massive Gulf Coast rebuilding project on the horizon, it appears Hurricane Katrina may help rectify what millions of tax dollars in litigation was unable to, as the Bush administration considers reducing tariffs on building materials...

BMHC names two new board members.(BREAKING NEWS)(Building Materials Holding Corp.)(Eric Belsky )(Norman Metcalfe )(Brief Article)
September 19, 2005... Building Materials Holding Corp. (BMHC) appointed Eric Belsky and Norman Metcalfe to its board of directors. Belsky, executive director of the Joint Center for Housing Studies at Harvard University, is a specialist in housing finance,...

B&Q may close more than 20 stores.(INTERNATIONAL UPDATES)(Brief Article)
September 19, 2005... B&Q, the U.K.-based DIY chain owned by Kingfisher PLC, may close as many as 22 stores, according to a report by the Sunday Telegraph newspaper. Kingfisher has cited week home channel market as the reason behind sales slipping in 2005. The...

British Wal-Mart chain sees DIY sales gain.(INTERNATIONAL UPDATES)(Brief Article)
September 19, 2005... ASDA, Wal-Mart's U.K.-based supermarket chain, said sales of DIY products has grown 35 percent in the last 12 months. The retailer gave credit for the increase to more female DIYers shopping for home improvement products. The chain has...

Sales, profits slide at Pier 1 Imports.(FINANCIAL UPDATE)
September 19, 2005... Pier 1 Imports reported a 3 percent decline in total sales for its second fiscal quarter ended Aug. 27, totaling $438.6 million compared with $452.3 million in the year-ago quarter. Same-store sales declined 7.7 percent during the quarter....

Demand grows for flooring, wallcoverings.(INDUSTRY UPDATES)(Brief Article)
September 19, 2005... Two studies from Freedonia Group, a Cleveland-based market research firm, project surging sales for two home channel products. Demand for hard surface flooring in the United States is projected to increase 5.5 percent annually through...

Stock watch.(Brief Article)
September 19, 2005... STOCK WATCH 9/16 9/9 % Chg. % Chg. Close Close in Week Yr. Ago Company 28.11 32.95 (14.69) 10.24 Andersons ...

Depot implements energy-saving plan.(Home Depot)(Hurricane Katrina)(Brief Article)
September 12, 2005... In the wake of Hurricane Katrina, Home Depot said it will implement energy-saving measures in all of its U.S. stores by Sept. 8. Energy-saving measures at stores include reducing the use of ceiling lights in stores equipped with skylights and...

Ace renews deal with John Madden.(Ace Hardware )(Brief Article)
September 12, 2005... Ace Hardware has renewed its contract with the legendary football coach and TV analyst John Madden for six additional years, extending an 18-year association between the popular Madden and the nation's largest hardware cooperative. The deal...

Beacon Roofing buys Commercial Supply.(Beacon Roofing Supply)(Commercial Supply Inc.)(Brief Article)
September 12, 2005... Beacon Roofing Supply has acquired Holyoke, Mass.-based Commercial Supply Inc. (CSI), a one-unit distributor of building products. Terms of the deal were not disclosed. According to a statement from Beacon, CSI will give the company an...

Sears Holdings replaces CEO.(BREAKING NEWS)(Alan Lacy )(Aylwin Lewis)
September 12, 2005... Sears Holdings Corp., the retailing giant formed after Kmart's acquisition of Sears, said it will replace CEO and president Alan Lacy with Aylwin Lewis, who had been Kmart's CEO before the merger. The move is effective Sept. 30, the company...

Travis Perkins sees Wickes sales slide.(INTERNATIONAL UPDATE)(Brief Article)
September 12, 2005... Travis Perkins, the U.K.-based building materials dealer reported sales of 1.3 billion pounds (US$2.4 billion) for the six-month period ended June 30, 2005, up 43 percent from sales of 913.6 million pounds (US$1.7 billion) during the same...

Kingfisher cuts jobs at B&Q headquarters.(INTERNATIONAL UPDATE)(Brief Article)
September 12, 2005... Kingfisher plc, Europe's largest home improvement retailer, revealed that its B&Q subsidiary has reorganized its head office resulting in 400 job cuts. The change is expected to save Kingfisher about 400 million pounds (US$737 million). "The...

TTI raises US$236.9m through share offering.(INTERNATIONAL UPDATE)
September 12, 2005... Techtronic Industries (TTI), the Hong Kong based power tool manufacturer, raised US$236.9 million through a share placement plan, according to a Dow Jones report. Proceeds from the plan will be used to repay debt. TTI sold 96 million shares...

Bill to protect pros during recovery efforts.(INDUSTRY UPDATES )(protections to general contractors )(Brief Article)
September 12, 2005... The U.S. House of Representatives introduced legislation with a concept developed by the Associated General Contractors of America (AGC) to provide measured protections to contractors who respond to declared federal, state and local...

Stock watch.(Brief Article)(Illustration)
September 12, 2005... STOCK WATCH 3/7 2/28 % Chg. % Chg. Close Close in Week Yr. Ago Company 32.95 31.86 3.42 29.22 Andersons ...

Lanoga acquires Carter Lee Lumber.(Carter-Lee Lumber Company Inc.)(Brief Article)
September 5, 2005... Lanoga has purchased substantially all the assets of Carter Lee Lumber, a two-unit pro dealer based in Indianapolis. Financial details were not disclosed. Carter Lee will become part of Lanoga's United Building Centers division. Founded in...

Edward Hines buys Cedarburg Lumber.(PRO NEWS)
September 5, 2005... Edward Hines Lumber, the 12-unit pro dealer serving the Chicago metro area, has purchased Cedarburg Lumber, a two-unit dealer based in Cedarburg, Wis., according to a report by the Milwaukee Journal Sentinel. Terms of the deal were not...

Wickes' Ch 11 woes persist.(PRO NEWS)
September 5, 2005... Wickes, the former pro dealer, has been given 35 more days to lobby creditors and receive support for its Chapter 11 liquidation plan. Judge Bruce Black of the U.S. Bankruptcy Court in Chicago extended Wickes' right to solicit creditor...

Industry weighs Katrina's impact.(donation for Hurricane Katrina relief)
September 5, 2005... With many of their stores still closed and in some cases out of contact, retailers are pitching in for a massive relief and rebuilding effort in Gulf Coast areas devastated by Hurricane Katrina. Home Depot and its Home Depot Foundation...

Chase buys Sears Canada credit card biz.(FINANCIAL NEWS)
September 5, 2005... Chase, a subsidiary of J.P. Morgan Chase, will purchase the Sears credit card accounts and Sears MasterCard accounts of Sears Canada for 2.2 billion Canadian dollars (US$1.84 billion) in cash. The credit card operation includes approximately...

Scotts acquires Rod McLellan Co.(FINANCIAL NEWS)
September 5, 2005... Scotts has agreed to purchase Rod McLellan Co., a supplier of soils, fertilizers and mulches in the western United States, for $20 million in cash. The deal is expected to close on Oct. 3. The acquisition will bring several well-known brands...

ElkCorp subsidiary acquires RGM Products.(FINANCIAL NEWS)
September 5, 2005... ElkCorp's subsidiary company, Elk Premium Building Products, acquired Fresno, Calif.-based RGM Products, a maker of roofing related products, for about $35 million. RGM posted 2004 revenues of $57 million. ElkCorp said the acquisition would...

Lowe's to invest $150 mil in DC network.
September 5, 2005... Lowe's will invest about $150 million to expand its distribution network, including constructing a new regional DC in Lebanon, O re., and expanding three existing facilities in Valdosta, Ga.; Statesville, N.C.; and North Vernon, Ind....

Wal-Mart sales rise in August.(Brief Article)
September 5, 2005... Total Wal-Mart sales in August increased 10 percent to $23.3 billion. Wal-Mart store sales increased 9.9 percent to $15.7 billion, while sales at Sam's Club stores grew 9 percent to $3 billion. International sales rose 11.3 percent to $4.6...

Stock watch.(Brief Article)(Illustration)
September 5, 2005... STOCK WATCH 9/2 8/26 % Chg. % Chg. Company Close Close in Week Yr. Ago Andersons 31.86 35.44 (10.10) 24.94 Bed Bath & Beyond ...