W&D Weekly - September 19, 2007 | Vol 2, Num 37
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Andersen Opts for 401(k)
Andersen Corp. will transition to a new, 401(k) retirement package and close its retiree medical coverage to incoming employees...
Privately held Andersen Corp. will transition to a new retirement package this week, according to the Minneapolis/St. Paul Business Journal. The employer of more than 14,000 people in North America will forego its traditional pension plan for a 401(k) offering, and will close its retiree medical coverage to incoming employees.
The changes will mainly affect new hires after the start of the year and will not impact current retired employees who receive benefits. The manufacturer will replace its pension system with a defined contribution 401(k) plan and employee stock ownership, the paper notes.
“Although the Andersen pension plan is fully funded, healthy and sustainable for current participants, we’ve spent quite a bit of time analyzing the company’s total retirement benefits package and our ability to sustain it in the long term, given the growth of our company base as well as legislative, regulatory and accounting standards changes,” said CEO Jim Humphrey in a statement.
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GlassBuild Proves to Be Big Event Again
A strong commercial market and influx of international exhibitors helped GlassBuild America: The Glass, Window & Door Expo set new records last week in Atlanta, with all-time high attendance and exhibitors...
Continued strength in the commercial market and an influx of international exhibitors helped GlassBuild America: The Glass, Window & Door Expo set new records last week in Atlanta. The show featured a record 538 exhibiting companies, including 160 international exhibitors and 130 first-time exhibiting companies, also all-time highs.
The second day of GlassBuild America proved to be particularly busy.
Exceeding expectations, about 9,500 glass and window and door industry professionals also came to the Georgia World Congress Center for the three-day show, according to the National Glass Association, the event organizer (and publisher of Window & Door). “We saw a boost in attendance from glass dealers and distributors and contract glazing companies, while the residential window and door dealer and manufacturer numbers held steady with previous years, even with the challenging market conditions in that segment,” reported Denise Sheehan, NGA VP of Industry Events. “The attendance overall exceeded our original estimates and that was a very pleasant surprise.”
Given the slumping demand in the residential market, there were concerns about window and door manufacturer attendance. Several exhibitors noted smaller contingents from the big manufacturers, but most expressed satisfaction with the overall level of activity at the event.
“We’ve seen a lot of our current customers, but there are a lot of new people and potential customers stopping in as well,” said Wes Schneekloth, regional sales manager for Carlson Systems Engineering.
“Most of the people at this show are still busy,” reported Danielle Allemang of Billco Manufacturing. “All the articles and news reports say the market is slow, but we’re not always hearing that.”
Larry Johnson of Edgetech IG offered a similarly optimistic view, pointing to a continued, strong level of demand for automated production equipment for warm-edge insulating glass.
For more detailed coverage of some of the new products introduced last week in Atlanta, see our report from last week’s WDweekly, as well as more extensive coverage of exhibitor offerings at a special section of www.windowanddoor.net.
GlassBuild America 2008 will be held October 6-8, 2008 in Las Vegas.
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Global Window and Door Growth Slowing
Global demand for windows and doors is projected to rise 5 percent per year to $150 billion in 2011...
Global demand for windows and doors is projected to rise 5 percent per year to $150 billion in 2011, according to a new report from the Freedonia Group. Product sales will be spurred by generally healthy economic growth, rising per capita income and ongoing industrialization efforts in developing parts of the world.
World Window & Door Demand
% annual growth 2001 2006 2011 2001-
2006-
Total 85.7 117.5 150.0 6.5 5.0 North America 27.8 36.8 44.2 5.7 3.7 Western Europe 27.1 32.4 37.9 3.6 3.2 Asia/Pacifica 22.6 36.1 51.7 9.8 7.4 Rest of World 8.2 12.3 16.3 8.5 5.7
While demand will continue to increase, the study from the Cleveland-based market research firm does see growth slowing. While overall demand is expected to grow 5 percent annually for 2006 to 2011, Freedonia estimates global demand was growing 6.5 percent per year from 2001 to 2006 (Table 1).
Table 1 - Source: The Freedonia Group Inc.
(billions of dollars)
2006
2011
China, India, Mexico and Russia will register some of the largest sales increases in the coming years, and market gains are also expected to be strong in lower volume markets such as Malaysia, Indonesia, Ukraine, Iran and Turkey. Although growth will be less robust than in developing nations, fenestration demand in developed areas such as North America and Western Europe will climb as well.
In most industrialized countries, repair and improvement-related window and door demand will outperform sales in new construction applications. In the U.S. and Japan, new housing starts are off from record levels, preventing overall window and door demand in these nations from expanding at a faster rate through 2011.
World demand for vinyl, fiberglass and other plastic door products will outpace increases for other product types. Plastic door demand will be driven by technological advances that are enabling manufacturers to improve the appearance and performance of their products, resulting in competitive inroads being made in a number of markets now served by wood and metal doors. Sales of plastic windows will also grow at an above-average rate through 2011; however, wood and metal products will continue to account for a larger share of window and door demand in many areas, and sales of these items will rise along with construction spending.
The residential building market dominates world window and door demand, accounting for 63 percent of all sales in 2006. Consumer product demand will be fueled by higher income levels and growth in the number of households, even in regions such as Eastern Europe, where total population is declining.
Residential aftermarket sales of fenestration products will outperform new construction-related demand. Nonresidential building window and door demand will expand at a faster pace than residential building product sales. In contrast to trends in the residential building market segment, new window and door demand will outperform aftermarket product sales in the nonresidential building market, stimulated by increases in global new construction expenditures.
Entitled World Windows & Doors, the 387 pages report is available from Freedonia for $5,800. Information is available by calling the firm at 440/684-9600 or visiting its Web site at www.freedoniagroup.com.
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3M Buys Venture Tape
Venture Tape Corp. will likely become a part of the 3M Corp. family in the last quarter of the year...
Venture Tape Corp. will likely become a part of the 3M Corp. family in the last quarter of the year as the conglomerate has announced its intention to buy the pressure-sensitive adhesive tape producer.
The companies have not disclosed the terms of the acquisition.
In addition to making tape used in the glazing and construction industries, Venture Tape also offers its products to the electronics, aerospace, oil and gas, marine, appliance, and heating and air conditioning industries. The Rockland, Mass.-based supplier employees about 400 people.
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Remodelers Go Green
The NARI has launched a certification program for contractors and remodelers who want to be labeled green...
The National Association of the Remodeling Industry has launched a certification program for contractors and remodelers who want to be labeled green. The Green Certified Professional certification requires interested remodelers to have at least five years of experience in the industry with at least three years worth of green projects, principles or products to their credit. Additionally, participants will have to complete at least 16 hours of green- or sustainable-remodeling-related continuing education and pass a comprehensive exam.
“If a remodeling contractor seeks to demonstrate their knowledge and skill in the area of green remodeling, the GCP will help realize those goals,” says Chris Donatelli, chair of the association’s green education sub-committee.
As part of the certification program, NARI has teamed up with GreenHomeGuide, an online source that connects homeowners with green home improvement information. The resource will allow interested parties to locate GCP-certified remodelers. “Together with NARI we will help make more homes healthy and energy efficient by combining NARI’s rigorous certification with GreenHomeGuide’s trusted advice and information,” says Willem Maas, founder and publisher of the Web-based guide.
NARI, based in Des Plaines, Ill., is a trade association dedicated to the remodeling industry and claims some 7,600 member companies.
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- Veteran Builders Offer Tips to Weather Tough Times
from Nation's Building News Online - OSHA Cites Glasswall With 26 Safety Violations
from Glass Magazine - Ace Hardware Finds $154M Accounting Error
from WebCPA
...
Veteran Builders Offer Tips to Weather Tough Times
from Nation's Building News Online
Hunkering down for a housing correction that has turned out to be longer and tougher than expected because of a credit crunch in the mortgage market, veteran home builders who have suffered through economic downturns before shared their experiences with younger members of the housing industry at a recent NAHB event... read more
OSHA Cites Glasswall With 26 Safety Violations
from Glass Magazine
Officials from the Occupational Safety and Health Administration proposed fines of $67,650 against window manufacturer Glasswall LLC of Miami, according to a release... read more
Ace Hardware Finds $154M Accounting Error
from WebCPA
Ace Hardware said it has discovered an error in its historical financial statements that showed a $154 million difference between the company's 2006 general ledger balance and its actual inventory records... read more