Raleigh, NC – November 5, 2009 – Stock Building Supply Holdings, LLC (“Stock”) today announced that it is consolidating its three Pennsylvania operations into a single location in Paradise, PA.
Stock has three eastern Pennsylvania sites that allowed for the opportunity to consolidate two of them into the third property. The consolidated property, in Paradise, is a 36-acre campus that includes components, millwork and framing lumber.
“To remain competitive in the building industry, Stock is evaluating our business structure in all of our markets. Because our three Pennsylvania properties are in close proximity to each other, we are consolidating into one property to streamline our operations and become more efficient. We remain committed to the eastern Pennsylvania market and the surrounding areas that we serve,” Steve Short, Chief Operating Officer, said. Tim Krall, eastern Pennsylvania Market Manager continued, “This consolidation will allow us to service our customers more efficiently by sharing our experienced people, equipment, products and services. As the building industry recovers, we will be well positioned to capitalize on the opportunities the market offers.”
The three Pennsylvania locations currently employ approximately 100 people. All employees have been notified about this consolidation. “Because this consolidation will result in more streamlined and efficient operations, we anticipate that our associate workforce will be reduced,” said Joe Appelmann, Stock’s President and CEO. “We thank all of our associates for their hard work and commitment to our Paradise/Kinzer markets. We remain committed to safe operations and to the respectful treatment of our associates during this transition.”
Stock’s product offerings will not change as a result of this consolidation, which is expected to be completed by the end of the year.
“This 36-acre facility will be able to offer the full bundle of goods and services – trusses, panels, millwork, lumber, design and estimation – to our customers. This is an exciting opportunity for Stock and we look forward to realizing our full potential in the market,” concluded Short.
Additional information regarding today’s announcement is available at Stock’s website www.stockbuildingsupply.com.
About Stock Building Supply
Raleigh, NC-based Stock Building Supply is a leading supplier of building materials to professional home builders and contractors in the United States. Stock operates out of 19 markets including Washington DC, Paradise PA, Richmond VA, Raleigh-Durham, Charlotte, Winston-Salem/Greensboro NC, Greenville SC, Columbia SC, Atlanta, Austin, Amarillo, Houston, Lubbock, San Antonio, Albuquerque, Salt Lake City, Southern UT, Northeast ID, and Los Angeles. For more information visit: www.stockbuildingsupply.com.
About The Gores Group, LLC
Founded in 1987, The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, LLC has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm's current private equity fund has committed equity capital of $1.7 billion. Headquartered in Los Angeles, California, The Gores Group, LLC maintains offices in Boulder, Colorado and London. For more information, please visit www.gores.com
About Wolseley PLC
Wolseley plc is the world's largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials to the professional markets. Group revenue for the year ended 31 July 2008 was approximately £16.5 billion and trading profit was £683 million. At 31 January 2009, Wolseley had around 63,000 employees operating in 27 countries namely: UK, USA, France, Canada, Ireland, Italy, The Netherlands, Switzerland, Austria, Czech Republic, Hungary, Belgium, Luxembourg, Denmark, Sweden, Finland, Norway, Slovak Republic, Poland, Romania, San Marino, Panama, Puerto Rico, Trinidad & Tobago, Mexico, Barbados and Greenland. Wolseley plc is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 250 index of listed companies.
Press Contacts
For Stock Building Supply
Nadine Keutzer
(919) 431-1750
For The Gores Group, LLC
Frank Stefanik
(310) 209-3010
Terry Fahn
Sitrick And Company
(310) 788-2850
For Wolseley plc
Mark Fearon
Wolseley PLC
+44 (0) 118 929 8787
Kate Miller
Brunswick (London)
+44 (0) 207 404 5959
