Home Center and Hardware Industry Updates
Lowe’s Cos. promoted M. Lee Reeves to Senior VP, Deputy General Counsel and Assistant Secretary.
ProBuild Holdings President and CEO Bill Myrick is no longer with the pro dealer. Fred Marino, Vice Chairman of ProBuild’s board will serve as acting President and CEO, while an executive search is conducted.
Universal Forest Products has announced that CEO Michael Glenn has retired due to health reasons.
Universal Forest Products, Inc., announced that Matthew J. Missad, former Exec VP and General Counsel, has been appointed CEO of the Company.
Mergers and Acquisitions:
John H. Myers, a chain located throughout South Central Pennsylvania and
Northern Maryland, has joined US LBM Holdings. Myers will continue to operate as John H. Myers & Son with its same work force and base of retail locations. LBM Holdings provides Myers with capital and back-office support to enable growth. US
Graeber’s Lumber, a one-unit lumberyard and millwork shop in
, closed for business. Fairless Hills, Pa.
Suburban Ace Hardware of
, permanently closed after its liquidation sale. West St. Paul, Minn.
Marvin’s is building a store in
— the 27th store for the home center chain, and the second new store in 2011. Eufaula, Ala.
The company opened its 26th store in
, earlier this year. Monroeville, Ala.
Construction will begin soon at the site on highway 431 in Eufaula, where the company hopes to open a 34,000-sq.-ft. store in early October, or sooner. The site is a former Walmart.
Menards plans to open a new location in
, on Springboro Pike. The store will take the place of an existing plaza, the Lyons Crossing shopping center, which will be demolished to make room for the approximately $9 million project. Miami Township, Ohio
Menards has received final approval in
Howard, Wis., outside of , in a controversial deal that included $1.6 million in tax incentives to construct a 162,340-sq.-ft. location. A divided Village Board voted 5 to 4 on June 27 to give the Midwestern home improvement chain $1.6 million in tax reimbursements over 15 years, provided the property remains valued at more than $8.7 million (its current estimated value) for the duration of that period. The incentive package will not come directly from the village coffers. Instead, the village will pay 80% of Menards’ annual real estate taxes generated under “increased taxes resulting from development” assessment. The store will be built on 18.7 acres near U.S. 41. The main building will include 94,432 sq. ft. of retail space, 64,157 sq. ft. of warehouse and 3,751 sq. ft. for offices. There also will be a separate 42,352-sq.-ft. lumber warehouse. The development will include 428 parking spaces. Green Bay