The 2020 Mid-Year Economic Update_long

Day: September 22, 2008

Wolseley Starts ‘Fundamental Review’ of Stock Building Supply – UPDATED

UK-based Wolseley plc has started a fundamental review" of Stock Building Supply's impact on its overall results, which continued to suffer due to the struggling housing market in the U.S. The company may sell the unit.

In the year ended July 31, 2008, Wolseley, a global building materials and plumbing/HVAC distributor, closed 270 branches and reduced headcount by 7,100. Of those 270, 36 were at Stock and 123 were from Ferguson. Of the 7,100, 3,150 were from Stock, and 2,250 from Ferguson.
 
Since July 31, the company has reduced headcount by an additional 600.
 
"Financial discipline in terms of cost reduction and cash flow enhancement remains our primary focus to ensure the group remains compliant with our banking covenants and is well positioned for any ...

Reinhart Foodservice Buys IJ Company

Reinhart Foodservice, La Crosse, WI, is buying The IJ Company, based in Tennessee. The IJ Company has about $564 million in 2007 sales.
 
IJ and Reinhart are both in the top 10 foodservice distributors in the U.S., according to industry reports. According to one report, the two together will have sales of about $4 billion.
 
The company will operate as Reinhart Foodservice IJ ...