Acquisitions, regulation, and capital investment and reallocation in wood manufacturing topped the stories again this week. Furniture maker Knoll acquired two firms; HNI's earnings rose; a LACEY Act modification gained steam in Congress following Gibson Guitar's run-in with the Federal police over undocumented exotic wood.
Fortune Brands Home & Security upped its capital investment plans to $80 million for 2012, about a 17 percent rise from the $65 million it spent last year. Chris Klein, CEO, says the market is improving.
"It isn't off to the races yet," Klein told the Wall St. Journal, "but it is definitely firming up."
MasterBrand Cabinets parent Fortune Brands Home & Security, whose holdings (Simonton Windows, Therma-Tru Doors, Fypon Mouldings, etc.) are a barometer of the housing market revealed the increase as it announced a 3 percent rise - to $3.3 billion - in year-end earnings, up from what the division delivered last year before it spun from Fortune Brands. Kitchen and bath cabinetry cales totalled $1.256 billion for the year, up 5.7 percent.
But Fortune Brands Home & Security took a $90 million write-down, swinging to a loss in the fourth quarter. MasterBrand Cabinets scheduled an auction of equipment at its North Las Vegas production plant, the former Capital Cabinets, acquired during the go-go years of new home construction in the Western U.S.
Here are the most viewed stories this week:
Sen. Paul Introduces Bill to Revise Lacey Act |
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Knoll to Acquire Outdoor Furniture Maker Richard Schultz |
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China’s Loss in Trade Appeal a Boon for U.S. Businesses |
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My Table Saw Almost Got Me |
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Custom Millwork Shop Prepped for Super Bowl 2012 |
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HNI Sales Grow 9% in 2011 |
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USDA Proposes $232.5M Financing for New Wood Biofuel Plant |
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Sherbert Steps Down as Bush Furniture CEO |
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Ohio Hemlocks Hit by Bugs; Maine Forest Alarm |
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Logs at Destroyed Sawmill Headed to Area Mills |
Other highly viewed stories this week:
NKBA To Certify Lowe's Cabinetry Employees
By Bill Esler | Updated: 02/05/2012 10:05:00 PM
Lowe's kitchen and bath cabinetry department employees will now be trained and certified by the National Kitchen and Bath Association, earning professional credentials forcabinetry work.
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Woodworking Customers Take Charge with New Design Tools
By Bill Esler | Updated: 02/07/2012 9:10:00 AM
Woodworking consumers get involved with designing projects as collaborative design tools move to laptops, apps and even the Cloud.
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My Veneer Mistake: It Was a Doozy!
By Bernie Bottens | Updated: 02/02/2012 11:15:00 AM
I made a mistake involving veneer and it was a doozy, costing me time, money and a vacation day.
Read more
Northway Industries, Inc. welcomes John Beaver to the staff as Director of Sales. Previously, John was Vice President of Roland and Roland, Inc. of Pennsylvania and as a Laminate Product Specialist for C.H. Briggs Co. John comes to Northway with a wealth of industry knowledge and experience. He has a well-earned reputation for taking care of customer needs in a thorough, consistent and conscientious manner. His service for many years on the Local boards of AWI and NKBA signifies his way of giving back to the industry and promoting the success of its members!
John has developed a close relationship with many of our customers over the years and he looks forward to continuing those relationships as he promotes the manufacturing capabilities of Northway Industries.
Northway Industries, Inc. is a contract manufacturer of wood products serving OEM accounts nationally. Core products include commercial casework, store fixtures, institutional furniture, educational furniture, multi-media furniture, laminated components and panels. Northway has 135 employees working across three shifts at its single location in Middleburg, PA.
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