POST Online Media Lite Edition



 

Stock Building Supply and Building Materials holdings to merge

Staff writer |
Stock Building Supply Holdings and fellow construction materials supplier Building Materials Holding said they would combine to expand in the fast-growing south and west regions in the United States.

Article continues below






States in the U.S. south and west are expected to drive housing demand as more Americans swapped the frozen north for warmer climes earlier this year, drawn by some of the country's highest job growth rates.

BMC's shareholders will receive 0.5231 new shares of Stock Building Supply for each share held and own about 60 percent of the merged entity, which would have an enterprise value of $1.5 billion.

The combined companies had over $2.7 billion in pro forma 2014 revenue. Stock Building had revenue of about $1.30 billion last year.

BMC's Chief Executive Peter Alexander will serve as CEO of the combined company, while Stock Building Supply's CEO, Jeff Rea, will join the board, the companies said.

Stock Building Supply, which sells Sinclair bath hardware and Fortis residential locks, gets a large portion of its sales from markets within Texas, North Carolina, California, Georgia and Utah.

The combined company will have presence in 42 metropolitan areas, primarily in the south and west regions.

The deal, which is structured as tax-free to shareholders of both companies, is expected to close in the fourth quarter, the companies said.

The deal is expected to generate $30 million to $40 million in annual savings within two years of closing.


What to read next

Intertek acquires MT in the US
USG Corporation to sell L&W supply unit in $670 million deal
Forterra planning 450 million pounds London listing

Mild but strongest earthquake in over 20 years hit Western New York

 
A small earthquake rumbled through western New York early Monday, alarming people in a region unaccustomed to such shaking but apparently causing no significant damage.
 
 

Latest

Massive earthquakes in Türkiye damage runway of Hatay Airport
Turkish Airlines cancels 170 flights due to expected adverse weather
New 7.6 magnitude earthquake strikes Turkey
European Central Bank to stress test 99 eurozone banks

NEWS

No damage to Akkuyu NPP after earthquake, diagnostics underway

Sosandar non-executive chairman Bill Murray passed away
912 dead in Turkey, more than 230 in Syria after powerful earthquake, countries rush to offer aid
Italy targeted by wide cyberattack
Six crew members dead in tanker accident in Nigeria
Italy withdraws tsunami warning after deadly earthquake hits Turkey, Syria
 

BUSINESS

TAP crucial for Europe strategically and economically, says Greek official

Highlights: January 3o, 2023 - February 5, 2023
China allowed truck entry on border with Tajikistan
South Africa to construct new power transmission lines in northern province
Spain suffers amid severe shortage of drugs
Free travel will be extended to even more of London’s lowest paid transport workers
 

Trending Now

Mild but strongest earthquake in over 20 years hit Western New York

Eurozone retail sales fall more than expected in December

Turkish Airlines cancels 170 flights due to expected adverse weather

Massive earthquakes in Türkiye damage runway of Hatay Airport


POLITICS

Under Secretary Fernandez’s travel to South Africa

Afghanistan, Pakistan sign draft convention to avoid double taxation
Azerbaijan to double gas supplies to Europe by 2027
India to ban hundreds of Chinese-linked betting and loan lending apps
UK and coalition partners announce price caps on Russian oil products
Fiji ends training and exchange agreement with China
 

Today We Recommend

UN warns six million people in Afghanistan face famine risk, Biden extends national emergency


Highlights 

Viatel Technology to create 50 Irish tech jobs

Aon Q4 income decreased 24%

ASSA ABLOY Q4 sales increased by 28%


COMPANIES

Qurient partners with TB Alliance to develop new anti-tuberculosis agent telacebec

hVIVO signs GBP6.8 million deal to test RSV antiviral drug candidate
DP World handled 79.0 million TEU
Strike action resumes at GSK pharmaceutical plant in Irvine, Scotland
Skanska to build science center in Virginia for $79.5m
Recharge Industries preferred bidder for Britishvolt
 

CAREERS

Satu Rautavalta appointed new CEO of Pimatic

Exothera appoints Darren Leva as chief business officer
Vesta taps Shimon Steinmetz as CFO
Bruno Ultra Barcelos appointed managing director of Ethypharm UK
Syntach names Patrick NJ Schnegelsberg as new CEO
Chiesi appoints Giuseppe Accogli as new group CEO
 

ECONOMY

Eurozone retail sales fall more than expected in December

Retailers in Slovakia were doing well in 2022, their turnover increased by 4.3%
German factory orders recover in December 2022
New Zealand: Consumer confidence, business sentiment increases in January
Turkey: Manufacturing PMI 50.1 in January
U.S. employment spikes in January, unemployment down
 

EARNINGS

United States Steel Q4 earnings $174 million

Skechers Q4 sales increased 13.5%
Bosch posts sales growth
Cigna income $6.7 billion
Aon Q4 income decreased 24%
ASSA ABLOY Q4 sales increased by 28%
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Argentina's agricultural exports grew 8.5% in 2022

Flour mill opens in Herat province, Afghanistan
ESA: Iceland must urgently improve controls of poultry meat and poultry meat products
United States cattle inventory down 3%
Working group named to focus on large animal vet shortage in Kentucky
USDA announces steps to improve child health through nutritious school meals
 

LEADERSHIP

Growing trend of laptop workers in cafés

Lucky CEO means bad luck for hiring company
Product images could boost food pantry use
The madness of fast service: I want it now!
How to build a resilient brand
Only 32% of employees believe their pay is fair
 

CRIME

Brazil: Mapa participated in joint operations to combat pesticide smuggling in 3 states

Poland: UOKiK fines 3 entrepreneurs with almost $228,000
Kerry pleads guilty and agrees to pay $19.228 million in connection with 2018 salmonella outbreak
UK: Serious Fraud Office secures three convictions in $500 million trade finance fraud
AG for District of Colubia: $1,950,000 available for eligible Drizly drivers as result of tip-theft investigation
North Carolina: 52 stores pay fines for price scanning errors in 33 counties
 

Magazine

TRAVEL

Leearn the art of Kenshin Taiko in Utah

Legend Rock Petroglyphs in Wyoming, history right in front of you
La Chandeleur in Paris: Crêpe Day for all of you
Tru by Hilton Monterrey Fundidora hotel opens in Mexico
IntercityHotel Berlin Airport BER opens
Art After School, the perfect way to spark imagination in your child
 

SEA, LAND, AIR

2024 Range Rover Velar, pure greed and distraction

Honda Pilot TrailSport, fully equipped SUV with great ground clearance
2024 Corvette E-ray, electrified 4WD
Jaguar I-PACE is now more distinctive
2023 Toyota Prius expected this January
2023 Lincoln Corsair, advance features and ActiveGlide
 

DESIGN

Curved sofas, elegant and gentle

Solios watches, from nature to luxury
Coats of faux fur, but not of faux style
Redifining kitchen space and experience with workstations
Dinning sofas, a soft addition to a modern dinning table
Patchwork carpets, vintage Persian carpets made with unparalleled skill
 

GADGETS

Samsung Galaxy S23 smartphones, cameras with possibility to make calls

Harman Luxury Audio introduces new JBL Classic Series
KEF KC62, audio excellence and design ingenuity
Panasonic announces flagship OLED TV MZ2000
McIntosh MC451, 150 Watt vacuum tube and 300 Watt solid state amplifier
Headonia 2A3, luxury headphone amplifier that comes with gloves
 

HEALTH

Oxford BioDynamics PSE test shows 94% accuracy in cancer screening

Urinary incontinence, a condition that shouldn't be embarrassing
Synthetic opioids will be banned as UK government acts to stop drug deaths
Japan gives priority review status to Alzheimer's drug developed by Eisai, Biogen
Working group proposes on how to make Finland tobacco-free by 2030
Study: Merck COVID-19 pill linked to virus mutations
 

MEANTIME

Planet almost exactly Earth's size found

Astronomers observe light bending around an isolated white dwarf
Webb telescope catches early galaxy formation in action
Straigh and gay men both prefer masculine men for important jobs
Green comet to visit Earth after 50,000 years
Astronomers captured spectacular, ongoing collision between at least three galaxy clusters