Leading News

Jeld-Wen Announces Review of Australasia Business

Jeld-Wen Holding Inc. announced it has initiated a comprehensive review of strategic alternatives for its Australasia business.

“We are executing on our strategy to maximize shareholder value and position Jeld-Wen for long-term success,” said David Nord, chair of the company’s board of directors. “As part of this effort, the board is evaluating a range of options for our Australasia business, which represents approximately 10% of global revenues. This review is consistent with our goal to streamline and simplify our operations across the company.”

According to company officials, the Australasia business employs roughly 5,000 people and is comprised of 41 manufacturing locations across Australia, Malaysia and Indonesia. Its notable brands include Corinthian, Stegbar and Breezway, among others.

An announcement said the company intends to conduct the process expeditiously, but officials are making no assurances regarding the outcome or timing of a review.

Jeld-Wen has retained Macquarie Capital as financial advisor and Herbert Smith Freehills as legal advisor to assist with the strategic review of the Australasia business.

Vitro Affected by Recent Accidents

An employee contracted by Vitro Architectural Glass died recently in Wichita Falls, Texas, after she was run over by a forklift. The Wichita County Sheriff’s Office said that 31-year-old Kimberly Wright passed away after arriving at the emergency room following the accident.

Days later, a glass leak at the same plant injured multiple people.

“We are deeply saddened to report that on Saturday, July 30, 2022, an employee was seriously injured at the Wichita Falls facility of Vitro Flat Glass LLC,” said plant manager Robert Baxter. “The worker was transported to United Regional Hospital where the employee died of their injuries.”

Wright was employed by ABM Industries and contracted to the Vitro plant in Wichita Falls, according to Baxter.

Vitro said in a statement that an investigation is underway to determine the cause of the incident and to identify any corrective action.

Days later, a glass leak at the same Wichita Falls, Texas, plant injured multiple people.

According to the company, the line number two furnace developed a leak that caused hot, molten glass to escape from the vessel. Multiple agencies were deployed to the scene to help seal the leak. Six employees who were injured during the incident were taken to United Regional Hospital for treatment of heat stress.

Expansions

PGT Brings NewSouth Window Solutions to Georgia Market

PGT Innovations recently opened a new showroom in Atlanta for NewSouth Window Solutions, a company which it acquired in 2020. The showroom
officially opened to the public August 3, 2022, following a ribbon-cutting ceremony that was attended by an assortment of representatives, including Amy and Earl Rahn, presidents of NewSouth, and Jeffrey Jackson, president and CEO of PGT Innovations.

“We’re very excited,” said Earl Rahn. “We’ve done this for a long time. This is my 32nd year in the window business, and I am honored to be able to stand here with what we have been able to accomplish as a team and a family.”

“The idea is simple,” said Jackson. “PGT Innovations was a dealer, distributor-based model. When NewSouth became available, that was our avenue to get into the retail business. We manufacture the products, sell the product and install the product. Cradle-to-cradle. It’s just an easier model to do business with.”

NewSouth storefronts will continue to expand throughout the south with many more expected to open in the coming months and years, officials said.

Trade

Canada to Challenge US Lumber Duties

The U.S. Department of Commerce issued final results for a third administrative review of its anti-dumping and countervailing duty orders regarding certain softwood lumber products from Canada. While the duty rates will decline by more than 9%, Mary Ng, Canada’s minister of International Trade, Export Promotion, Small Business and Economic Development, says the removal of such duties would be the only “fair outcome.”

From now on, the combined “all others” rate applying to exports from companies subject to the review is 8.59%. The current rate for most companies, according to a news release from Ng’s office, is 17.91%.

“Canada is disappointed that the United States continues to impose unwarranted and unfair duties on Canadian softwood lumber,” Ng says in a press release. “While the duty rates will decrease from the current levels for the majority of exporters, the only truly fair outcome would be for the United States to cease applying baseless duties to Canadian softwood lumber.”

Ng says that the duties cause “unjustified harm” to the Canadian industry and workers, as well as amount to a tax on U.S. consumers at a time of supply and inflationary challenges.

“Canada intends to challenge the final results of the third administrative reviews, including through launching a dispute settlement process under Chapter 10 of the Canada-United States-Mexico Agreement (CUSMA),” she says, adding that litigation could also be brought via a legacy complaint through NAFTA and at the World Trade Organization.

M&A

Builders FirstSource Closes On Trussway

Builders FirstSource Inc. has acquired Trussway, a provider of prefabricated roof and floor trusses as well as value-added building components and services with annualized sales of approximately $340 million.

“We are thrilled that Trussway will now be an integral part of Builders FirstSource. Since 1972, Trussway has been a supplier of choice to customers
due to its ability to routinely deliver high quality products and services,” said Dave Flitman, president and CEO of Builders FirstSource. “The addition
of Trussway expands our footprint with our roof and floor truss offerings, including for multifamily customers, and enhances our value-added portfolio to better serve our customers and accelerate growth.”

Headquartered in Houston, and with 1,000 employees nationwide, Trussway serves more than 340 customer accounts in the U.S.

As part of the acquisition, Builders FirstSource is adding Trussway’s integrated network of six manufacturing facilities across the U.S.

McCoy’s Building Supply Sells Stores to Central Network Retail Group

San Marcos, Texas-headquartered McCoy’s Building Supply sold four of its store locations to Central Network Retail Group (CNRG), including three
in Mississippi and one in Arkansas.

The Mississippi stores are located in Greenville, Vicksburg, and Laurel, while the Arkansas store is located in Searcy. CNRG now operates the stores
under the brand Home Hardware Center.

CNRG operates 140 hardware stores, home centers and lumberyards in 16 states. In the U.S., McCoy’s Building Supply now operates 85 stores, three distribution centers, and two millwork facilities in three states.

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