CEO: Global demand increasing, while pricing competition remains ‘intense.’
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Latest In Wolseley
Wolseley announced it has written off its remaining investment in Stock Building Supply due to continued losses at the former subsidiary.
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Private equity firm Rutland Partners will purchase the UK tool and equipment hire business.
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Global distributor sees significant sales gains in Canada, while other geographies continue to decline.
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Steve Ashmore has served as managing director of Wolseley’s UK heavyside businesses since 2008.
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At Wolseley’s first-half 2010 results call with analysts and investors, new Chief Executive Ian Meakins spoke for the first time at length about his plans for the struggling global distributor of HVAC/plumbing and building material products.
In one of his first in-depth presentations as the new chief executive of Wolseley, Ian Meakins was blunt with his appraisal of the global distributor’s business, which has seen some big highs and dramatic lows in the past five years.
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Stock is purchasing NHC’s assets; National Home Centers filed for bankruptcy in December.
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Leadership: Web site is opportunity to show customers more.
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MDM Editor Lindsay Konzak recently sat down with the leaders of Ferguson to talk about where they see the company going post-recession. They also discussed the joint venture Wolseley entered into last year for Stock Building Supply – in which it now has only a minority position – and what that means for Wolseley’s positioning in North America.
In this interview:
MDM: After a couple of down years, where does Ferguson sit?
Frank Roach: Over the past several years the driving theme in Wolseley’s North American group was to centralize back-office cost and collaborate when appropriate between the individual companies: Ferguson, Stock Building Supply and Wolseley Canada.
The exposure Stock had to the new residential construction market – which was roughly 80 percent of their business –
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Largest decline for Wolseley seen in Ferguson subsidiary.
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Under new CEO Ian Meakins, distributor divides business units into three categories.
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Current Wolseley CFO Steve Webster will step down after 15 years with the distributor.
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Acquisition of Universal Supply Company brings new building materials/lumber distributor up to 23 locations.
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Sale to a private investor backed company impacts 67 branches and about 650 employees.
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The most popular MDM news stories; Wolseley and Stock Building Supply dominate this year’s list.
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Larry Stoddard, formerly Wolseley’s COO, will take the top spot at the building products distributor.
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MDM’s list of headline-makers in 2009.
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The auctions in December and January will liquidate 25 properties in 15 states as part of Stock’s post-bankruptcy plan.
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Residential markets started to show signs of stabilizing during the first quarter for the distributor, while industrial and commercial markets are expected to remain ‘challenging’
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After extensive streamlining across its global network in fiscal year 2009, UK-based Wolseley plc is shifting its focus towards improving operational performance in the remaining branches and business units. During the past year, Wolseley has eliminated nearly 10,000 positions were eliminated and closed 631 branches.
“There is little we can do to impact the market trajectory, but there is a lot we can do to improve our own performance, and that is absolutely what we’ve got the teams focused on right now,” CEO Ian Meakins said, speaking to investors about the company’s financial results for fiscal year 2009.
The international distributor of building materials and plumbing supplies posted a loss of £1.17 billion (US$1.86 billion) for fiscal year 2009. Losses from discontinued operations – including contributions from Stock Building Supply prior to its disposal in June – were £441 million (US$700.1 million).
“Our final results reflect the harsh impact …
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