Wolseley has confirmed at least one of the rumors floating around this past summer. It is considering a sale of Stock Building
Supply, its building materials arm in the U.S. UK-based Wolseley, a global building materials/plumbing/HVAC distributor, also
Wolseley Chief Executive Chip Hornsby said in a Webcast Q&A this week that he expects the new
residential market to get worse before it gets better, and that riding out the storm is not an option for us." He also said
that the company had done pretty much all it could do in cutting costs at Stock. "We must acknowledge that further large-scale
reduction of Stock will inevitably eat into the infrastructure of the business," he says.
Stock lost £123
million in the 2008 fiscal year. That's about ...
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 ...
UK-based Wolseley will report on its sales and profits this Wednesday, July 16. (Look for coverage on mdm.com that day.) Wolseley owns Stock Building Supply and Ferguson in North America.
Apparently, at that time building materials, plumbing and HVAC distributor Wolseley is also planning to announce more job cuts after already laying off thousands this year. According to at least two top British newspapers -the Financial Times and the Telegraph -the company will shed hundreds of jobs." Of course, it's not news that Wolseley, along with other distributors with exposure to residential markets in the U.S., is struggling and not yet on the road to recovery.
The news on Wolseley comes as the UK and other parts of Europe are reportedly seeing major weakness in their ...
Wolseley revenues for the six months ended Jan. 31, 2008, increased 2% to £8.02 billion (US$16 billion at current exchange rates) Profit fell 23.1% for the period primarily due to losses at Stock Building Supply in the U.S.
Where Stock is concerned, the market has deteriorated considerably. It's beyond anything that we've experienced, in my view, since World War II. If you look at housing starts, they've dropped from 2.2 million to under 1 million. We're in a situation where we've made significant headcount and cost reductions,"said Chip Hornsby, Wolseley CEO.
"Now we've got to be able to begin to anticipate what's going to happen next, particularly where that organization is concerned. So we've gone in and begun to look at it more from a strategic standpoint ...
Wolseley plc, global distributor of plumbing and heating products and a supplier of building materials, announced five bolt-on acquisitions for £33 million (US$66.5 million at current exchange rates).
In a full year, these bolt-on acquisitions are expected to add £45 million (US$90.7 million) to total revenue.
Since Aug. 1, 2007, the start of Wolseley's financial year, a total of 15 bolt-on acquisitions in Europe and North America have been completed for £203 million. These 15 acquisitions are expected to add £263 million (US$530 million) to Group revenue in a full year.
North America Ferguson has acquired C.B. Group, Inc. trading as JC Plumbing Supply. JC Plumbing is a distributor operating from two facilities in ...
Stock Building Supply, Raleigh, NC, a supplier of building materials and construction services, will open its newest facility in Yorktown, VA, on March 3, 2008. This 10,500 square-foot facility features local inventories of Architectural Doors, Frames and Finish Hardware and a Rated Hollow Metal Shop.
Stock Building Supply operates in 299 locations in 34 states across the country. The Yorktown location will service commercial contractors with hollow metal frames and doors, wood doors and commercial hardware.
Stock, a part of UK-based Wolseley plc, has sales of $4.6 billion for the fiscal year ...
Global building products and plumbing/HVAC distributor Wolseley plc reported a 25% drop in profit for the five months ended Dec. 31, 2007. Full half-year results will be announced in March. Revenue was up 2%.
The UK-based company was hit hardest in North America, where profit was down 40% and revenue down 10% (5% in constant currency). Year-to-date, 3,000 people have been laid off at Stock Building Supply and Ferguson in the U.S. due to tough conditions in the U.S. Wolseley has implemented a general headcount freeze" for both continents on which it operates.
The company blamed the "worsening U.S. housing market, low consumer confidence arising from global credit restrictions and the weakness of the U.S. dollar."
UK-based Wolseley plc will be laying off 1,300 more workers in the U.S. in its second quarter; the global building materials and plumbing distributor reduced headcount by 1,700 in the three months ended Oct. 31, 2007.   ; In total to date, layoffs represent a third of Stock Building Supply workforce and 10% of the Ferguson work force.   ; Globally, the company is also working to reduce indirect costs, is realigning its management structure and reestablishing priorities in the businesses for the current year." The roles of Chief Business Development Officer and Chief Operations Officer are being eliminated.  ;   ; North American revenue was down 10% (3% in constant currency), and profit was down 30% (25% in constant currency).   ; Overall ...
Wolseley plc, the UK-based global distributor of plumbing and heating products to professional contractors and a supplier of building materials, announced five bolt-on acquisitions for an aggregate of 84 million pounds Sterling (US$174 million).   ; In a full year, these bolt-on acquisitions are expected to add 109 million pounds (US$226 million) to total revenue.   ; Stock Building Supply has purchased three companies in the U.S. (Article)   ; HVAC and plumbing distributor Ferguson has acquired J.D.'s Wholesale Plumbing & Supply, Pagosa Springs, CO. J.D.'s had sales of $0.7 million in 2006.   ; Wolseley France has acquired Sofiparts SAS, which designs and assembles roof trusses operating from ...
Stock Building Supply has expanded once again in the commercial and industrial markets.   ; Stock has acquired Architectural Building Supply Company, with facilities in Utah and Idaho, and Jacobi Hardware Co. Inc., Wilmington, NC, both fabricators, distributors and installers of commercial doors, hardware and access control devices for commercial and institutional projects.   ; ABS had revenue of $36 million in calendar 2006. Jacobi had revenue of $3.3 million.   ; Stock has also acquired KBC Construction LLC, a turn-key framer and wall panel manufacturer in Albuquerque, NM. In the year ended Dec. 31, 2006, KBC had sales of $16.6 ...