February 6, 2007

Bunzl Buys Two Redistributors

Companies, Finance, Free, Mergers & Acquisitions, News, Safety Products, Subscriber Only, Top Distributor Sectors / MDM Staff

Bunzl plc has acquired the business of Tec Products Co. Inc., a private company based in New Jersey. Tec Products is a supplier of jan/san and associated products through redistributors. Revenue in the year ended Dec. 31, 2006, is estimated at $14 million.

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Bunzl has also purchased Westgate Sales Corporation and Westgate Canada Ltd., also based in New Jersey with facilities in Ontario and Alberta, Canada. Westgate supplies personal protection equipment through redistributors in the eastern U.S. and Canada. Revenue in the year ended Dec. 31, 2006, is estimated at US$18 million.

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Tec Products expands our jan/san business in the northeast region of the U.S. while Westgate adds further scale and geographical coverage to our personal …

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Home Depot Reaches Agreement With Activist Investor

Companies, Free, News, Subscriber Only / MDM Staff

The Home Depot, Atlanta, GA, has reached an agreement with Relational Investors LLC. The investment firm is headed by Ralph Whitworth, who has criticized HD’s executive strategy, including its HD Supply division, and has demanded a place on the board.

As part of the agreement, David Batchelder, a principal of Relational, will join HD’s board of directors on Feb. 22, 2007. Relational has agreed to drop its proxy contest – Batchelder will be appointed to the Leadership Development and Compensation Committee and to the Audit Committee.

Today’s agreement follows actions taken by Relational in December 2006 to solicit proxies for a resolution to be brought before The Home Depot’s annual meeting seeking an independent committee …

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Construction Spending Increases 4.8% in 2006

Building Materials/Construction, Economic Trends, Free, News, Research & Analytics, Subscriber Only, Top Distributor Sectors / MDM Staff

The value of construction spending put in place in 2006 was $1, 198.0 billion, 4.8% above the $1,143.7 billion spent in 2005.

The value of private construction in 2006 was $928.7 billion, 3.3% above the $899.0 billion spent in 2005. Residential construction in 2006 was down 1.9% …

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Huttig Building Products Records Loss for 2006

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Huttig Building Products, Inc., St. Louis, MO, distributor of millwork, building materials and wood products, reported sales were $1.103 billion in 2006, up slightly from 2005. A 9% increase in the first half of the year offset the 7% decline in sales in the second half of the year when the housing market began to decline. Huttig had an operating loss of $4.1 million for the year.

For the fourth quarter ended Dec. 31, 2006, sales were $231.1 million, with an operating loss of $2.6 million. Sales were down 13% from the same period a year ago, reflecting the 24% drop in housing starts. Sales to national accounts for the quarter, which represented 34.8% of sales, declined by 7%.

Overall in 2006, sales to national accounts represented 33.4% of sales in 2006 as …

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