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 owns Ferguson.
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 …
Wolseley on Potential Stock Sale: ‘Riding Out the Storm Not an Option’
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 owns Ferguson.
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 …
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