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Headquarters: Newport News, VA
2010 Revenues: $9.43 billion
Change in Sales from 2009: -7.55%
Key Executives: Wolseley Chief Executive Ian Meakins; North America Chief Executive Frank Roach, Ferguson COO Kevin Murphy; Ferguson SVP-Business Groups Steve Petock; Ferguson CMO Jim Feltman
UK-based Wolseley is a distributor of heating, plumbing, PVF and building materials in Europe and North America. Ferguson, Wolseley's U.S. company, saw 2010 sales decline 11 percent; Canadian sales declined 3 percent in constant currency for the year. In its fiscal 2011, Wolseley has seen improvement. For the nine months ended April 30, 2011, sales were up 3 percent year-over-year. In the U.S., sales inched up 2 percent, and Canadian sales were down just 2 percent. "The group continued to make progress in the third quarter broadly maintaining the revenue growth trends achieved in the first half despite tougher comparatives," Chief Executive Ian Meakins said. "New residential construction, which accounts for 20 percent of group revenue, remained subdued in most regions, while demand in repair, maintenance and improvement (RMI) segments held up well in most markets." In the U.S., Wolseley reported that demand in residential and RMI markets held up well and the business made good progress in the industrial and commercial segments including Fire and Fabrication, though from a low comparable base.
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