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Thanks Kerry for this letter. You are right. People have to wake up and look at what is going on. Is the pandemic an issue because of the USA’s coming election — because they don’t know how to beat Trump? And I don’t know where to start with us and the Trudeau mafia stealing money from the people and making so many bad decisions with our money and the lockdown for what? A bad flu? And why is Trudeau still there after being caught so many times filling up his pockets and his friends’? I can’t wait for our election, and hopefully the Trudeau gang will not find a way to be re-elected but lose by a lot.
Guy Lussier
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Hi Guy, I think it is very concerning to see in the States that the conversation has turned strongly toward the topic of stealing elections and rigging ballots. To me, that strikes at the very foundation of freedom. I hope they can figure it out. Stalin allegedly said, it does not matter who votes. What matters is who COUNTS the votes. — kk
Wood products solidarity Letter on the Wood Industry US August 2020 e-letter, posted at woodindustryus.com
Love reading your articles from down-under, although I see some of your colleagues in street interviews don’t know where that is. Seriouly, when Americans can’t even find America on a map, you have to ask, “what the hell is going on over there?” Its likely we have people like that in Australia. Lots of opinion based on media hype and nothing else, which brings me to your point on research, does anybody take the time now or do they take all their ‘facts’ from CNN and MSNBC? I mix my CNN up with FOX and somewhere in there is the truth, leaning mostly to FOX as the more meaningful source. If American politics is weird now (and it is) imagine how much weirder it will be with sleepy Joe in power (whatever that means).
Philip Ashley
WOOD Filings
Flashing yellow A quick check about Homag with Simply Wall St. revealed some cautions in its February 10, 2020 report. This website, directed at investors, not manufacturers, notes that a primary reason for investing in Homag has been that it pays a dividend. However, the site reports:
Homag Group has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. This dividend has been unstable, which we define as having been cut one or more times over this time. During the past 10-year period, the first annual payment was €0.30 in 2010, compared to €0.40 last year.
This works out to be a compound annual growth rate (CAGR) of approximately 2.9% a year over that time. The growth in dividends has not been linear, but the CAGR is a decent approximation of the rate of change over this time frame.
It’s good to see some dividend growth, but the dividend has been cut at least once, and the size of the cut would eliminate most of the growth, anyway. We’re not that enthused by this.
Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. Over the past five years, it looks as though Homag Group’s EPS have declined at around 100 percent a year. With this kind of significant decline, we always wonder what has changed in the business. Dividends are about stability, and Homag Group’s earnings per share, which support the dividend, have been anything but stable. … When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable. We’re glad to see Homag Group has a low payout ratio, as this suggests earnings are being reinvested in the business. Second, earnings per share have
Tips on design Thanks to those that appreciated our profile in March with Yuill McGregor and North on Sixty. McGregor requested the use of one of our profile photos to incorporate on his website. Here is the front page, not so much to see the photo, but to see what a website can look like. It’s your new reception desk and the first impression most of your clients see. — Editor
been in decline, and its dividend has been cut at least once in the past. While we’re not hugely bearish on it, overall we think there are potentially better dividend stocks than Homag Group out there. More caution Prompted by the restraint advised on Homag, a review of Biesse, also at Simply Wall St., in the September 4, 2020 report also bears reflection: Equity strategic alliance pushes Irpinia Kitchens toward expansion Irpinia Kitchens of Richmond Hill, Ont., has entered into a partnership with Toronto, Ont.-based investment firm Rhyno Equity Group. Irpinia is a designer and manufacturer of cabinetry that has attracted projects for world-famous celebrities, distinguished clientele and high-profile residential developers, the company says. Irpinia’s designers use a combination of European flare and North American sensibility to provide character and functionality into their designs, it WOOD Filings adds. The company is using the investment partnership towards the further implementation of advanced machinery, equipment and software, with expansion plans for the manufacturing facility and showrooms. AWFS names Visionary Award winners Acimall approves Luigi De Vito as its new president Acimall’s Lorenzo Primultini (left), past president, Marianna Daschini, The general assembly of Acimall, the association of Italian manufacturers of furniture and wood technology, has approved the appointment of Luigi De Vito to president for the We can see from the most recent balance sheet that vice president and Luigi De Vito, 2020-2023 Biesse had liabilities of €303.1m (up from €254.5m in president. period, together April) due within a year, and liabilities of €119.3m due with Marianna beyone that. Offsetting this, it had €140.9m in cash Daschini taking the role of vice president. De Vito is curand €113.9m in receivables that were due within 12 rently wood division director at of SCM Group in Rimini, months. So its liabilities total €167.5m more than the Italy, in charge of production, product development, sales combination of its cash and short-term receivables. and after-sales service. Daschini is managing director at … In fact Biesse’s saving grace is its low debt levels, Greda of Mariano Comense, Italy. because its EBIT was down 62% over the last year. The report goes on to say that, while the balance sheet New condominium is not particularly strong, it shows €8.81m net cash, so market recovers in the GTA investors can assess their positions based on their views The new condoof future earnings. minium apartFor readers of Wood Industry, a greater concern is whether a company being harangued by its investors and market analysts to cut debt can provide the requisite level of customer service. Round table Cefla and Weinig events rescheduled Charlotte, N.C.-based Cefla North America and Weinig Holz-Her USA of Mooresville, N.C., have rescheduled their coinciding 2020 Open House events to October 14-16, 2020. To maximize value to the attendee, organizers say, the events will take place on overlapping dates. Cefla and Weinig Holz-Her are located twenty miles apart from one another. As customers and employee safety is of the utmost importance, both companies will take the appropriate precautions mandated by local authorities leading up to and during the events. Invitees include woodworking professionals from small-, mid- and large-sized companies located across the U.S. and Canada. Both events, individually named CeflaLive Charlotte and Weinig Holz-Her Next Level 2020, will be said to offer attendees a maximum return on time spent away from daily operations with emphasis on each company’s respective area of emphasis: surface enhancement and/or secondary processing. The Association of Woodworking & Furnishings Suppliers (AWFS), based in Anaheim, Calif., has announced 12 winning companies that have been awarded a Visionary New Product Award by AWFS for product innovation and leadership in the woodworking industry. The winners are: Productivity Award for Hardware — Lockdowel “Snap on” Drawer Slides/Lockdowel (shown); Product Innovation Award in Raw Materials — AKF with Rombex Technology/Uneeda; Product Innovation Award in Industry 4.0 Software — Osync Machine Analytics v2.0/C.R. Onsrud; Product Innovation Award in Industry 4.0 Technology — SCM Lean Robot Cell/SCM; — Productivity Award in Machinery Over $50,000 US — Dürr Ready2spray Paint Robot/Enhancement Technologies; Award for Productivity and Product Innovation in Power Tools — Shaper Origin/Shaper Tools; Product Innovation Award in Power Tools — Apollo TrueHVLP Precision-6 Turbo Paint/Apollo Sprayers International; Product Innovation Award in Components — ment market in the Greater Toronto Area (GTA) continued to recover from the impacts of the Covid-19 pandemic as both sales volumes and new project launches strengthened in July. According to Toronto, Ont.-based Altus Group, a commercial real estate services company, July saw a near record nine new project launches. With 2,539 units added, it was the highest number of units ever added for a July, since Altus Group began tracking the market in 2000. Despite July’s strong levels, 2020 yearto-date project launches and units released were down 42 and 47 percent, respectively, and remain well below 2019 levels, as the pandemic was a major disruptor of the typically busy spring market. Paragon named Fenix preferred door manufacturer Denver, Colo.- based Formica recently launched its Fenix Preferred Door Fabricator Program and named Paragon Concepts of 14 12 12 WOOD WOOD INDUSTRY SEPTEMBER/OCTOBER 2020 WOOD INDUSTRY SEPTEMBER/OCTOBER 2020 INDUSTRY SEPTEMBER/OCTOBER 2017
Longmont, Colo., as the flagship company to achieve this status. The recent Formica acquisition has where the Fenix material may be purchased. All Formica distributors are now selling Fenix. Rehau of Bern, Switzerland, has been the distribution arm for Fenix up to the recent acquisition of Formica by ‘S-Hertogenbosch, The Netherlands-based Broadview Industries and offered the material and doors.
$378 million Dawson Creek hospital project announced
A new Dawson
Creek and
District hospital will be built nearby North
ern Lights
College campus, in Dawson Creek, B.C. The hospital will be approximately 209,000 square feet and will have 70 beds, an increase of 24, all of which will be in single rooms with ensuite washrooms. A new emergency department will be double the size of the existing one, with treatment spaces increasing from 10 to 13. Space for a laboratory and diagnostic imaging will also be part of the new facility. The project cost is approximately $377.86 million and will be shared by the B.C. government, through Northern Health, and the Peace River Regional Hospital District. With government approval of the business plan, the project will now proceed to procurement. Construction is expected to begin late 2021 and the new hospital is anticipated to be open to patients in fall 2025.
Domotex postpones trade show to May Although two thirds of the exhibition space had already been booked and a comprehensive hygiene concept had been developed to comply with Covid-19 safety regulations, Deutsche Messe has decided to postpone the next edition of Domotex – it’s the world’s largest show of floorcovering products – to May 20-22, 2021. The show was originally scheduled to take place in January 2021. The reasons for the postponement are based on the latest developments regarding the worldwide pandemic and in view of these developments, clients, exhibitors and visitors have asked for the show to be held at a later date. Domotex is now planning a digital conference to take place on January 15, 2021, the show’s original start date.
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FIMMA Brasil fair on schedule for April
FIMMA Brasil, a traditional international secondary wood industry fair in Brazil for three decades, has announced it will continue as FIMMA Connections and Business taking place from April 26-29, 2021, featuring new products and innovations. Another program is the FIMMA Summit, a meeting for the generation and sharing of content in the wood industry, will be held from April 27-29, 2021, in Bento Gonçalves, Brazil, concurrently with the show. Organized by the Furniture Industry Association of Rio Grande do Sul (Movergs), the essence of FIMMA Brasil is a show organized by the sector for the sector, the organizer says. China to promote wooden frame buildings A strategic cooperation agreement was recently formalized between Beijing, China-based Canada Wood China and Yangxin County government in Province, China, aimed at joint promotion of modern wooden frame buildings. The two sides will apply modern wooden frame building technology and prefabricated building system to meet to the requirements of building energy conservation and residential industrialization in China. The initiative will also promote an industrialization and prefabricated building strategy for Yangxin County. Canada Wood is
headquartered in Vancouver, B.C. University of Victoria to expand student housing
The B.C. government is expanding on-campus housing by 25 percent at the University of Victoria (UVic). The UVic project in Victoria, B.C., is the second to access the BC Student Housing Loan Program, a $450-million initiative launched in this year’s provincial budget to make housing more affordable and available for students. Victoria has one of the lowest rental vacancy rates in the province, and the university receives more applications every year for on-campus housing than there are spaces available. The UVic project will be the first on-campus housing to use the Passive House construction standard, the primary aim of which is to achieve exceptional energy efficiency. The result is a building that uses 75 percent less energy for heating and cooling, and at least 50 percent less overall energy than a typical construction design. The new student housing project will consist of two new buildings that will accommodate 782 students in addition to a new dining hall and multipurpose space. The project replaces three aging buildings and represents a net gain of 620 student homes.
Congdon Yards, SCM reveal furniture high-tech facility Duluth, Ga.-based SCM has partnered with Congdon Yards in High Point, N.C., to develop a fully functioning, commercial-grade high-tech facility open to inventive individuals in the furniture business. With access to SCM’s technologies, the company says, entrepreneurs and innovators can advance ideas into prototype and production quickly and economically at the renovated Plant 7 building site. In addition, the building will also offer a public area for gathering and networking, a restaurant/cafe, and a wide array of workspace options, from studios for startups and small businesses to private offices to full-floor office suites for established enterprises. David Congdon, president of The Earl and Kathryn Congdon Family Foundation, notes that the foundation has invested David Congdon more than $30 million US to launch this development. The Congdon family’s trucking company, Old Dominion, is behind the foundation.
Stefano Porcellini leaves Biesse g.m. position Biesse Group has announced that Stefano Porcellini has left the position of general manager, maintaining the position of member of Stefano the board of direcPorcellini tors, until the natural expiration. Biesse S.p.A. of Pesaro, Italy, has also announced that Massimo Potenza will join the company as co-chief executive officer. Biesse declares that Porcelli
ni, in the face of the consensual termination of the employment relationship, will be recognized in a single solution, in addition to the ordinary amounts related to the termination of the relationship, about 15 months of the gross annual salary. In addition, Porcellini has also signed a non-competition agreement with Biesse S.p.A. until April 30, 2022.
Composite Technology names Todd Stemler as c.f.o.
Composite Technology Interna
tional (CTI) of Sacramento, Calif., has announced that Todd Stemler has been named c.f.o. He replaces Rande Willison, who previously held this role with the company. In his previous role as a director of finance at a $30 million US healthcare company, Stemler led all aspects of financial operations and revenue cycle management. He oversaw business development activities, capital management, and analyzed strategic opportunities and acquisition targets. CTI is an environmental engineering and manufacturing company that designs, develops and delivers millwork products for building product manufacturers, distributors and retailers.
Masonite International net sales decrease 11 percent The second quarter net sales of Tampa, Fla.-based Masonite International decreased 11 percent to $500 million US, from $563 million US in the comparable period of 2019. Masonite is a global designer, manufacturer and distributor of interior and exterior doors for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets. The decrease in net sales was partly the result of a 15 percent decrease in base volume due to the impact of Covid-19. Total company gross profit increased 6 percent to $136 million US in the second quarter of 2020, however, compared to $129 million US in the second quarter of 2019.
Kohler Signature Store opens in Toronto
A Kohler Signature Store has opened in Toronto, Ont. Owned and operated by London, Ont.-based EMCO Corp., a plumbing wholesale company and authorized Kohler distributor. Situated in Toronto’s Castlefield Design District, the new store spans 4,000 square feet and embraces the neighbourhood’s industrial chic aesthetic, the company says. It is Kohler Canada’s first Signature Store in Ontario and the second in partnership with EMCO, with the other location in Vancouver, B.C. As with all Kohler Signature Stores, homeowners and designers have the opportunity to experience the company’s brands firsthand including Kohler Plumbing, Kohler Lighting, Kallista Plumbing, Robern, and Ann Sacks Tile and Stone. Open 7 days a week, the space’s displays include elaborately designed suites and ensembles, working shower systems, lighted mirrors, intelligent toilets and Kohler Konnect products, the brand’s offering in the smart home space.
Combi-CS pedestrian stacker wins award Combilift of Monaghan, Ireland, is a winner at this year’s IFOY Awards 2020 that celebrate achievements in the material-handling industry. The company won the Warehouse Truck Lowlifter Category with its Combi-CS pedestrian counterbalance stacker. The stacker is said to be the only pe destrian counterbalance stacker that will operate in a conventional reach truck aisle for space saving and productive storage and handling. Due to the current circumstances, the hundreds of people that normally Martin attend the IFOY McVicar ceremony could not get together personally, so the organizers rolled out the virtual red carpet for the winners on July 13. Combilift c.e.o. and cofounder Martin McVicar stated the company was proud that its product was recognized as valuable solution for the intralogistics sector.
01D140 / 01D140E
04D140
Multiple gun circulating fluid delivery system for low pressures. Also available for ceramic & porcelain coatings.
Perfect for frequent color changes Compact, modular and light for easy integration Reliable and durable with low noise pollution
