Saluting
the Stars of Kitchens and Bathrooms
The
annual Bathrooms and Kitchens lndustry Awards organised by Bathrooms And
Kitchens Magazine have taken place in a spectacular display of the industry's
achievements. The evening ceremony was presented by award winning comedian
Jimmy Carr, at The Grosvenor House Hotel in London on 1st February 2005.
In
addition to the annual recognition of the best bathroom and kitchen designers
and businesses both in the UK and abroad, there were three new industry
awards this year recognisihg individual special achievement and product
design.
Winner of the inaugural Special Achievement Award, Martyn Denny was delighted
with the recognition he has received for his work as President of the
Bathroom Manufacturers Association.
'I feel very honoured to have received this award. However, there are
many names that should join mine. So for all at the BMA and their tireless
work that now represents 87% of the sanitaryware industry and also for
my Aqualisa colleagues and their determination and drive - this is as
much your award as mine' commented Martyn.
Rieber's Workstation Sink and lmpey's Aquadec flooring were the winners
of the popular industry vote in the product innovation award competing
against products from Jacuzzi, ldeal Standard, Sunshower, Beyond, Bushboard
and Siemens.
The United Kingdom took the title of the lnternational Designer Award
for Kitchens with Tristan de la Haye scooping this award on top of having
won the national Designer Award for Kitchens just minutes earlier.
'I was delighted to receive both the Designer and lnternational Designer
Awards for Kitchens. The Bathrooms and Kitchens lndustry Awards represent
the best of a thriving industry and to be recognised and win in two categories
is fantastic.'
The lnternatianal Designer Award for Bathrooms was won by Australian Royston
Wilson of Royston Wilson Design.
For eleven years the Bathrooms and Kitchens lndustry Awards has been celebrating
the achievements of its sector and rewarding excellence in design, manufacture
and retail. The judging panel for the 2005 Awards brings together the
optimum in experience and knowledge across the architectural and design
industry sectors, including Oliver Heath's design partner Nikki Blustin
and Angela Brady, the presenter of Channel 5's Hot Property.
More information about the Awards can be found online at http://www.bathroomskitchens.co.
uk/awards
Smeg
Celebrates Six Nation Rugby Tournament with Special Edition Retro Refrigerator
Smeg
is celebrating the Six Nations Rugby Tournament with the release of a
‘special edition’ version of its FAB28 retro style refrigerator.
The FAB28ER4 features a hand painted door bearing the distinctive English
Rose and England Team colours.
Smeg has done this under license from the Rugby Football Union, licensor
of the Rose and the England team marks.
The FAB28, already offered in ten colours plus a Union Jack door, has
proved to be extremely versatile and its popularity shows no sign of abating.
This Six Nation Tournament version will extend its appeal to an audience
of rugby enthusiasts who will doubtless put its capacious interior to
good use throughout the tournament and beyond.
‘A’ rated for energy efficiency, the FAB28ER4 has a 271 litres
capacity, ample for the needs of a large family or it seems, rugby fans
with a penchant for cold beer.
The interior houses three hygienic and easy to clean glass shelves, a
chrome wine rack plus fruit and vegetable containers. The door also incorporates
generous storage compartments for bottles, cartons and dairy products.
The FAB28ER4 is available with left or right hand hinges and costs around
£1145.
Trade enquiries only call Smeg (UK) Ltd on 01235 828300. Consumer readers
should call 0870 990 9908 or see Smeg’s website: http://www.smeguk.com
Intaglio
in conjunction with Tebisa, one of Europe’s major tap designers and
manufacturers for over 30 years, have chosen to launch a range of brassware
via a distribution deal with Robert Lee (London) Ltd.
Tebisa,
is looking for a limited number of specialist retailers in selected exclusive
areas to act as stockists.
Initially five ranges (Azaria, Tango, Proa, Cirene and Der) from the extensive
catalogue are available along with displays, brochures, point of sale
items and a competitive discount structure.
Further products from the Tebisa brassware range, which includes a kitchen
range as well as thermostatic and electronic taps plus show panels will
be launched this year along with high quality bathroom furniture and accessories
ranges.
For further details please contact Robert Lee offices on 01992 703220
or e-mail mailto:fred.skeels@intaglio.co.uk
The full range of Tebisa brassware can be viewed on the Tebisa website.
http://www.tebisa.com
American
Standard Delivers Strong Fourth-Quarter, Full-Year Operational Performance
American
Standard Companies Inc. announced on February 1st record fourth-quarter
and full-year revenues, as well as record net income and earnings per
diluted share before a non-cash charge covering estimated payments for
pending and future asbestos-related claims. Revenues for the quarter were
$2.352 billion, up 11 percent from $2.118 billion a year ago.
Earnings for the quarter were 46 cents per diluted share, up 21 percent
from 38 cents a year ago (adjusted for the May 28th, 2004, three-for-one
stock split), and net income rose to $100.9 million from $85.6 million,
excluding the asbestos-related charge, operational consolidation expenses
and tax items. The company had estimated earnings per diluted share of
40-44 cents for the quarter. In accordance with Generally Accepted Accounting
Principles (GAAP), the company reported a net loss of $86.9 million and
a net loss per share of 41 cents in the quarter, including a non-cash
after-tax charge of $188 million or 85 cents per diluted share to reflect
an additional estimated asbestos liability, operational consolidation
expenses of $18.3 million after tax or 8 cents per diluted share, and
a benefit from tax items of $18.5 million or 8 cents per diluted share.
In addition, American Standard's board of directors initiated a dividend
of 15 cents per share of common stock and authorised up to $400 million
for repurchase of common stock.
'2004 was another successful year for American Standard, and we finished
with a strong fourth quarter,' said Fred Poses, chairman and chief executive
officer. 'All our businesses contributed to healthy sales gains. Our higher
sales growth drove our increased earnings from operations, overcoming
continued pressure from commodity cost escalations, which we partially
offset with price increases.
'For the first time in four years, we ended the year with a larger backlog
of orders for commercial air conditioning equipment than we did the year
before,' said Poses. 'With this improvement in the largest part of our
business and continued strength in the rest of our business, we're well-positioned
for another year of strong performance in 2005.'
Full-Year Results
Revenues for the year were $9.509 billion, up 11 percent from $8.568 billion
a year ago. Earnings for the full year were $2.24 per diluted share, up
22 percent from $1.84 a year ago (adjusted for the three-for-one stock
split), and full-year net income rose to $494.2 million from $405.9 million,
excluding the asbestos-related charge and adjusting for operational consolidation
expenses and tax items. American Standard previously had estimated earnings
per diluted share of $2.21-$2.25 for the year. In accordance with GAAP,
the company reported net income of $313.4 million and earnings per diluted
share of $1.42, including the asbestos-related charge, operational consolidation
expenses and tax items.
For the year, the company generated a record $737.6 million in net cash
provided by operating activities, and a record $504.5 million in free
cash flow. The company had previously estimated more than $720 million
in net cash provided by operating activities and more than $500 million
in free cash flow. The company reduced its debt to $1.51 billion.
2005 Guidance
'For 2005, we expect sales growth of about 6-7 percent and earnings of
$2.60-$2.75 per diluted share,' said Poses. That estimate represents an
increase of 16-23 percent excluding the fourth-quarter asbestos-related
charge, operational consolidation expenses and tax items, and 83-94 percent
on a reported basis. The estimate reflects a 30 percent tax rate, compared
with 31 percent in 2004 and 2003. Stock option expensing is not included
in the 2005 earnings estimate. The company estimates that stock option
expensing would amount to 8-9 cents per diluted share.
'We expect to generate more than $890 million in net cash provided by
operating activities and more than $550 million in free cash flow, up
from our record 2004 results. With debt at an appropriate level for our
company, we'll use our cash to pay the dividend and increase our stock
buyback,' said Poses.
'For the first quarter, sales should be up 6-8 percent and earnings in
the range of 44-47 cents per diluted share, up 16-24 percent,' he said.
Accounting for Pending and Future Asbestos Claims
In the fourth quarter American Standard recorded a non-cash after-tax
charge of $188 million to reflect an additional estimated liability, net
of expected insurance recoveries, for estimated payments to pending and
future claimants over the next 50 years. Previously, the company lacked
sufficient history to estimate unasserted future asbestos-related claims
and payments, and, as a result, recorded liabilities for asbestos-related
claims only when they were filed. Because of accumulated experience, the
company has determined that it can now reasonably estimate a total liability,
including unasserted future claims. The company used an external consultant
to assist in estimating the number and future value of claims that may
be filed against the company as well as in determining the length of time
until all potential asbestos claims are resolved.
'There is no fundamental change in our asbestos position,' said Poses.
'Now that we can reasonably estimate our asbestos liability for potential
future claims, this is the appropriate time to account for them. We've
projected our liability for the full period in which we expect claims
to be asserted and resolved, and we believe that asbestos-related claim
payments will not have a material impact on our liquidity or financial
condition.'
BATH AND KITCHEN sales increased 7 percent to $604.2 million primarily
due to foreign exchange and increased sales in the U.S. and Asia. Segment
income was $41.1 million, up 59 percent compared with last year. Segment
income benefited primarily from operational consolidations as well as
improved price and volume. Operating margin was 6.8 percent, up 2.2 percentage
points from the prior year. Excluding fourth-quarter operational consolidation
expenses of $15 million, segment income was $56.1 million, and operating
margin was 9.3 percent.
In North America, Bath and Kitchen's successful rollout of the Champion®
toilet continued in the fourth quarter, enhanced by the launch of a new
one-piece model and four new styled two-piece models. Already the winner
of various 'hot product' designations, Champion received the '2005 Woman's
Day Special Kitchen and Bath Award' for technical innovation and design.
Around the world, Bath and Kitchen launched a number of product lines,
including supershowers in Italy, faucets in Germany and a new line of
tubs in China. Bath and Kitchen also won a number of commercial installations,
including ones for Athens (Greece) Concert Hall; Havana, a Latin-themed
hotel and residential apartment project in China; the German Ministry
of Languages in Bonn and Hopson Holding, a leading property developer
in China.
Web: http://www.americanstandard.com
Wolseley
plc - £33 Million Spent on Four New Acquisitions
Wolseley
plc, the world's largest specialist trade distributor of plumbing and
heating products and a leading supplier of building materials to professional
contractors, provides an update on recent acquisitions.
Since Wolseley's last acquisitions announcement on 6th January 2005, an
additional four distribution businesses in Europe and North America have
been acquired for an aggregate consideration of approximately £33
million in cash.
These acquisitions bring Wolseley's total spend on acquisitions, including
debt acquired, since the beginning of the financial year, to approximately
£216 million.
In total, the fourteen acquisitions completed to date are expected to
add approximately £357 million to group turnover in a full year.
Goodwill related to these fourteen acquisitions is estimated to be around
£80 million.
Details of the additional four acquisitions are set out below.
European Distribution
In January 2005, Manzardo in Italy acquired the Iser Zauli group of companies
('IZ'). IZ is a distributor of plumbing, heating and air-conditioning
products, trading from 12 branches in Northern and Central Italy, along
the Adriatic coast. IZ achieved sales of Euro44.9 million (£30.8
million) in the year to 31st December 2003 and had net assets, excluding
net debt, of Euro15.9 million (£10.9 million) at that date. This
acquisition significantly increases Manzardo's presence in Italy and complements
its existing 23 branch network.
Also in January 2005, Brossette in France acquired Duval Materiaux de
Construction SA ('Duval'), a distributor of roofing materials, including
slates, tiles and skylights. The company operates from a single branch
close to Rouen, 130km North West of Paris. Duval achieved sales of Euro13.9
million (£9.5 million) in the year to 31st December 2003 and had
net assets, excluding net cash acquired, of Euro2.9 million (£2.0
million) at that date.
North American Plumbing and Heating Distribution
In January 2005, Ferguson acquired J.D.Daddario Co., Inc ('Daddario')
a wholesale distributor of plumbing and heating products, appliances,
lighting and electrical supplies. Operating with four branches in Massachusetts,
Daddario supports the new build and repairs, maintenance and improvement
(RMI) residential markets. Daddario had sales of $50.9 million (£27.2
million) in the year to 31st January 2004 and net assets, excluding net
debt, of $9.8 million (£5.2 million) at that date.
In February 2005, Ferguson acquired the trade and certain assets of Mecko
Supply Co., Inc ('Mecko'). Mecko is a wholesale distributor of plumbing
products from two locations in Charlotte, North Carolina, and primarily
serves the residential and commercial markets. Mecko had sales of $7.4
million (£4.0 million) in the year to 31st December 2003 and net
assets, excluding net debt, of $1.9 million (£1.0 million) at that
date.
Charlie Banks, Group Chief Executive of Wolseley said:
'I am pleased we have met our £200m yearly target for acquisitions
in the first six months of the year. These bolt-on acquisitions will further
strengthen our presence in Europe and North America, and they support
our strategy of growing the business through acquisition and organic growth.'
De
Dietrich Introduces New Concepts for 2005
De
Dietrich says that it has always been renowned for pioneering advanced
technologies such as pyrolytic cleaning, induction hobs and steam cooking
and that it is widely regarded as a niche brand offering unique appliances.
De Dietrich is already the market leader in these fields and is proud
of having introduced these advances to the UK market since 1980.
To
celebrate its 25th anniversary in the UK and Ireland, De Dietrich is launching
a new range, expanding its offer of non pyrolytic ovens, in order to make
the De Dietrich quality available to a wider audience. All ovens in the
range, pyrolytic and non pyrolytic are built to the highest specifications
and offer many features that would normally be associated with top of
the range models only.
For example, all standard single ovens are ‘A’ rated, multifunction
(with at least 6 cooking functions including true fan), and feature the
exclusive pyroclean enamel oven interior that can withstand temperatures
of up to 500º C. They all feature an automatic clock and minute minder,
allowing the user to precisely time the oven to switch on and off. Most
ovens in the range incorporate the exclusive press and turn control with
Multistart programmer, which automatically recommends the appropriate
shelf level and temperature for the chosen cooking method; the electronic
temperature control means that it will be accurate to the nearest degree.
All incorporate an autostop safety feature, which will switch the oven
off automatically after ten hours if it is left on inadvertently, and
as soon as the oven door is opened the fan stops automatically, for additional
protection when checking dishes.
As well as the largest selection of induction hobs on the market, De Dietrich
offers a range of vitroceramic hobs with good aesthetics and ‘pedestal’
frames, which retain minor cooking spills within the surface of the hob.
All gas hobs have integrated ignition and feature precision control knobs
with a 210 degree turning circle, thus making it more accurate than ever
to control the flame. Most of the range feature safety cut-off device
as standard, and several hobs also include a wok burner for healthy cooking.
The new hood collection features extraction for kitchens of all looks
and sizes. Stylish new hoods include stainless steel and glass chimney
versions; funky 60cm and 90cm slimline design models; a decorative curved
hood, and a 90cm wall mounted hood with a new square design. Most of the
hoods in the range feature the ‘Silence Inside’ logo –
they are so quiet that they can hardly be heard, with sound levels as
low as 38 dB (A).
Dishwashers
have also been upgraded; most of them are AAA rated and feature ICS programmes.
An ICS dishwasher has sensors that assess the quantity and level of dirt
on the dishes, calculate the optimal consumption level of detergent and
water, set the optimal temperature and washing time and then validate
the result to ensure the best performance at the lowest cost. De Dietrich
dishwashers are highly specified and all benefit from being super quiet.
So confident of the quality in all of its products, De Dietrich is offering
a free 2 year guarantee for the whole of 2005 on every appliance in its
expanded range.
De Dietrich sales order processing (trade only): 01256 308 067 or e-mail:
mailto:builtinsales@elcobrandt.com
Web: http://www.dedietrich.co.uk
Active
Kitchen Whisks Up a Storm on Shrove Tuesday
On
Tuesday 8th February even the worst cooks among us couldn't resist the
temptation to visit the kitchen to dig out a whisk, a mixing bowl and
a frying pan.
With pancakes on the menu for tea, Shrove Tuesday is the one day of the
year when nearly everybody agrees cooking can be fun.
But this year, owners of the Active Kitchen, a concept developed by sink
manufacturer Franke and kitchen accessory manufacturer WMF, saw a marked
difference in the way they prepared their pancakes.
'The Active Kitchen is set to revolutionise the way we prepare our food.
An intelligent kitchen system for washing and food preparation, the Active
Kitchen maximises space and cleverly integrates accessories into the working
area.' says John Swain, product manager for Franke UK.
It includes a one and a half bowl sink, preparation board, glass drainer
and a stainless steel colander.
Additional WMF accessories available include a salad spinner set, grater
set, whisk and preparation basket. All accessories are designed to hang
on a horizontal profile bar that attaches to the back wall.
Another feature of Active Kitchen is a drying area developed specially
for glasses. The stainless steel perforated sheet allows air to circulate
into a glass, allowing
it to dry out thoroughly without causing condensation and utilising space
in a clever way.
John Swain comments: 'The Active Kitchen takes the concept of the workstation
sink a stage further. While workstation sinks combine the sink with the
preparation area, the Active Kitchen caters for all the essential kitchen
utensils as well.'
Tel: 0161 436 6280
Web: http://www.franke.co.uk
Pennybee
Consumers Benefit from KBSA Protection
The
KBSA is pleased to report that all of the Pennybee customers who fulfilled
the criteria of the KBSA deposit protection scheme are now having their
contracts completed or have had their deposits returned.
‘The KBSA stepped in quickly and efficiently to deal with more than
forty Pennybee customers who had been affected and we were able to help
all of these customers either claim back their deposits or complete their
kitchen or bathroom installations. We must thank those local retail members
who were able to fulfil contracts and those corporate members who supported
them to provide the consumer with a completed kitchen or bathroom,’
says KBSA Chief Executive Graham Hayden.
‘It is sad a fact of life that we will always see some home interior
companies failing. If you take the home improvement market as a whole
it is likely that as many as 70% of companies do not offer consumers any
form of protection. This leaves consumers at risk and is further aggravated
by the fact that the law as it currently stands makes it all too easy
for companies who fail to close down and re-open under a new name.
‘The Pennybee situation has illustrated that the KBSA is an association
that takes its responsibilities seriously and can protect the consumer
so that they are not left banging down doors of closed businesses in order
to get their goods or their money back.
‘We believe that consumers will in the future be more demanding and
will be asking for re-assurance that they will be protected financially
in the event of a retail company going out of business. Because of this
we are looking at ways of improving our deposit protection cover to include
work–in-progress or insurance-backed guarantees. This may be done
under the proposed new Government backed Quality Scheme or by the KBSA
making a three way protection insurance a condition of membership.’
Kohler
Provides Attendees the Best Seat in the House at New York's Fashion Week
Just
as the fashion industry looks to the hottest designers to forecast the
latest trends in fashion, trade and style-savvy consumers look to Kohler
Co. – a specialist in kitchen and bath design – to anticipate
'what’s next' in kitchen and bathroom design. To that end Kohler
has announced its first-ever sponsorship of Olympus Fashion Week and marks
the occasion with the introduction of the Purist Hatbox toilet –
a product that is destined to redefine common perceptions of what the
traditional American toilet should look like.
'Like
the fashion industry, design is part of the fibre of everything that we
do at Kohler to constantly develop new products that enhance the gracious
living possible in today’s kitchens and bathrooms,' said David Kohler,
President – Kohler Kitchen and Bath Group. 'During our 130-year history
– from introducing the first colours on plumbing fixtures in the
1920s to advancing the home spa with flagship whirlpools and performance
showering products – Kohler has been progressive in making sure the
products we create are innovative, bold, and forecast the next trends
in home design.'
Attendees of Fashion Week are the first to see the new Purist Hatbox toilet,
on display in the main lobby of Fashion Week. Conventional cues of the
traditional toilet are removed as the minimalist inspired electric toilet
offers a clean, streamlined aesthetic both visually and physically with
its innovative tankless design.
'We continue to witness that the home is growing rapidly as a canvas that
more fully reflects the owner’s personal style and design taste,'
explained Kohler. 'Therefore, our sponsorship of Fashion Week makes sense
and allows us to align ourselves even more closely with the fashion industry
and an audience that has a keen interest in creating spectacular design
statements in their homes.'
As part of its sponsorship of Fashion Week, Kohler is offering attendees
the opportunity to experience the new Purist Hatbox toilet firsthand by
utilising an Original KOHLER Restroom, one of several mobile luxury restrooms
located throughout Bryant Park during the week. These gracious restrooms
offer close-to-home comfort, complete with premium KOHLER lavatories and
faucets, full-length mirrors, artwork, music and a temperature-controlled
environment.
Kohler has also announced that it has teamed up with Amy Sacco, New York’s
famed entrepreneur, on her latest restaurant, Bette. Located in the Chelsea
area, Bette will host the first permanent installation of the Purist Hatbox
toilet in the country and will officially open its doors to guests in
late spring.
Fisher
& Paykel Appliances Trading and Earnings Update
Based
on the trading results for the quarter ended December 2004, and the outlook
for the remainder of the financial year, the Directors of Fisher &
Paykel Appliances Holdings Ltd advise that net profit after tax for the
year ending 31st March 2005 is now forecast to be between $63 million
and $68 million. This is down approximately 14 per cent on the previous
guidance given of between $75 million and $78 million.
The operating environments in New Zealand and especially Australia have
been significantly more difficult than expected. In Australia, low priced
imports from China and Thailand increased substantially and have frustrated
the acceptance of the Company's price increase, announced in November
2004. In New Zealand, the Company is reviewing the impact of changes in
distribution following the realignment of marketing strategies by some
major customers. Furthermore, low priced imports from China and Thailand
have increased significantly in some product categories in this market.
The
Company's NZD/USD currency exposure is substantially naturally hedged.
This negates the favourable effects of the appreciating NZD that competing
importers receive when pricing their products. While forward cover has
partially delayed the effect of the appreciated NZD/AUD cross rate (80
per cent covered at A$0.8773 to 31st March 2005) the remaining 20 per
cent is exposed to the high spot rate.
Material commodity prices remain volatile and are at record high levels.
These prices are now being reflected in manufactured component prices
as suppliers pass their increased costs on. The Company continues to pursue
cost down opportunities through design, resourcing, improvements, and
efficiency gains.
The benefits of these activities, however, generally take longer to materialise
than the recent rapid and substantial rises in material costs.
For the nine months ended December 2004 total Appliance sales volumes,
excluding the recently acquired DCS (Dynamic Cooking Systems) brand, were
up by 2.6 per cent on the previous corresponding period.
The growth of business in the USA continues to be pleasing. This high
growth has allowed us to increase our investment in brand awareness and
the business infrastructure. The integration of the Company's existing
business with DCS, which was acquired in October 2004, is proceeding rapidly
with the benefits expected to accrue in the next financial year.
Trading remained difficult in Singapore and Europe, however, the remaining
lnternational markets achieved high growth.
The Component supply arrangement with Whirlpool announced in November
2004 is progressing to schedule and components will be shipped from late
2005.
The Finance business in New Zealand continues to trade at expected levels.
While the Directors expect current trading conditions to remain difficult,
they believe that initiatives which are already well advanced will under-write
the long term performance of the Company which is based on world-class
innovation, technology and cost efficiency.
Laufen
Becomes a Member of The Bathroom Manufacturers Association
On
the 1st January 2005, prestigious sanitary-ware manufacturer Laufen officially
became a member of the Bathroom Manufacturers Association.
The Bathroom Manufacturers Association is the 'voice' of the UK bathroom
manufacturers industry, and endeavours to look after members interests
at all levels by offering a comprehensive range of services.
Laufen is proud to be a part of an association that demonstrates high
commitment to the industry and is looking forward to a long working relationship
with the BMA and associated members.
Yvonne Orgill, Commercial Director of the Bathroom Manufacturers Association
comments:
As the BMA continues to grow, representing close to 89% of the UK bathroom
market, it welcomes manufacturers of Laufen's status to bring even more
knowledge and an extra dimension to the current membership. The BMA looks
forward to working with Laufen and to the company's participation in the
committees.'
Tel: 01386 422 768
Web: http://www.laufen.co.uk
Bauformat
Upgrades its Furniture and Releases 2005 Brochure
Bauformat
which has had a presence in the UK since 1974, has upgraded its furniture
to include the latest Blum Full extension soft close drawer system, in
Champagne metallic finish and all sink base units now come with protective
bases as standard specification at no extra cost. Soft close hinges are
available as an option.
Bauformat, one of Germany's biggest kitchen manufacturers, has also just
released its 2005 Colour Brochure, showing a host of new designs for 2005,
including the company's new 'Range 670 Oak wide Framed Shaker style' and
'Range 233 Horizontal Grain Malaga matt Oak' as well as new Gloss and
Lacquer finishes.
Tel: 0845 658 1949
Web: http://www.bauformat.co.uk
LG
Sponsors Masters Snooker Tournament
LG
will be sponsoring the Masters Snooker Tournament to be held at Wembley
Conference Centre from 13th - 20th February. The Masters is the most prestigious
invitation tournament on the snooker calendar, bringing together the world's
top 16 players plus two wild cards for eight days of top class action.
Paul Hunter won the Masters in 2004 for the third time in four years.
Five million BBC Sport viewers watched as Hunter beat Londoner Ronnie
O’Sullivan 10-9 in a nail biting finale.
This year will see O’Sullivan and Hunter return to Wembley along
with the likes of Stephen Hendry, Mark Williams, John Higgins, Matthew
Stevens, Ken Doherty, Jimmy White and Steve Davis. Each will be aiming
to reach the final held on the 20th.
The sponsorship brings to a close LG's association with Snooker and offers
a number of branding opportunities both around the tournament table and
around the conference centre, with LG plasma and LCD TV's being used to
relay the action to the 2,500 seat auditorium. LG will also be showcasing
Plasma and LCD screens for the tournaments 25,000 spectators to view tournament
action and highlights in the main foyer.
Jacuzzi
Brands Announces First Quarter 2005 Financial Results
Jacuzzi
Brands, Inc., a leading global producer of branded bath and plumbing products
for the residential, commercial and institutional markets, announced on
February 9th earnings for the first quarter ended January 1st, 2005. Net
sales for the first quarter of fiscal 2005 (13-week period) increased
3.1% to $313.1 million from net sales of $303.8 million for the first
quarter of fiscal 2004 (14-week period). Operating income for the fiscal
2005 first quarter decreased to $19.0 million from operating income of
$19.7 million for the first quarter of fiscal 2004. Net earnings for the
first quarter of fiscal 2005 rose 58.8% to $5.4 million, or $0.07 per
share, from $3.4 million, or $0.04 per share, in the first quarter of
fiscal 2004.
The Company noted that it achieved an increase in consolidated net sales
even though the first quarter of fiscal 2005 was composed of 13 operating
weeks, compared to 14 weeks in the first quarter of fiscal 2004. The Company
reports operating results using a 52/53-week fiscal year; fiscal 2004
was a 53-week year, with the extra week falling in the first quarter.
Higher consolidated net sales in the first quarter of fiscal 2005 were
driven primarily by the 14% increase in Plumbing Products sales. Sales
were also supported by $7.3 million in favourable currency exchange rate
fluctuations. Fiscal 2005 and fiscal 2004 first quarter operating income
included restructuring charges totaling $2.8 million ($1.8 million, net
of tax, or $0.02 per share) and $2.7 million ($1.6 million, net of tax,
or $0.02 per share), respectively. Operating income for the first quarter
of fiscal 2005 also included higher costs associated with global branding
initiatives and new product development in the Bath Products segment,
an overall increase in raw material and freight costs, and higher corporate
expenses.
Q1 FY 2005 Highlights vs. Q1 FY 2004:
• Net Earnings Up 58.8% to $5.4 Million
• Net Sales Increased 3.1% to $313.1 Million
• Net Earnings Rose to $0.07 Per Share from $0.04 Per Share
Bath
Products
Sales in the Bath Products segment increased slightly in the first quarter
of fiscal 2005 in comparison with the same period in fiscal 2004. A $7.3
million foreign currency benefit was largely offset by a decline in Eljer(R)
branded sales relating primarily to previously announced product rationalisations.
Year-over-year comparisons are impacted by the additional week in the
first quarter of fiscal 2004. Overall sales in the Bath Products segment
are expected to increase in fiscal 2005 as a result of our new product
introductions and enhanced marketing initiatives, but will be partially
offset by decreases in sales of Eljer products resulting from our product
rationalisation plan.
Operating income in the Bath Products segment decreased $3.2 million in
the first quarter of fiscal 2005 compared to the first quarter of fiscal
2004. The decrease was primarily due to higher costs for freight and raw
materials and higher selling, general and administrative expenses. Selling,
general and administrative expenses increased by $2.4 million primarily
as a result of the new product introductions, greater investment in marketing
the JACUZZI® brand and start-up costs associated with the expanded
stainless steel sink plant in Malta. These product and marketing investments
were undertaken in a seasonally slow period so that the Company could
enjoy their benefits beginning in the second quarter of fiscal 2005, and
should be recovered through higher sales later in the year.
Margin expansion initiatives, such as alternative materials sourcing and
product price increases, were also put in place during the first quarter
of fiscal 2005.
Capital expenditures are up in the first quarter of fiscal 2005 versus
prior year's first quarter due to the completion of the previously announced
Malta stainless steel sink plant expansion.
'First quarter fiscal 2005 was largely a time of investment in our new
global branding initiatives and product line development,' said Donald
C. Devine, Jacuzzi Brands President and Chief Operating Officer. 'Already
in 2005 we've launched several new product lines, including the high-end
Morphosis whirlpool baths, the JACUZZI® 200 Series spas and a new
line of stainless steel sinks. We also plan to update the entire SUNDANCE(R)
branded spa line later this quarter. We will continue to invest in products
that improve our product mix and overall profitability.
Operating income included restructuring charges of $2.8 million in the
first quarter of fiscal 2005 and $2.4 million in the first quarter of
fiscal 2004. The fiscal 2005 restructuring charges related to the previously
announced closings and downsizing of certain Eljer manufacturing facilities
as well as the consolidation of administrative functions into the Dallas,
TX shared services centre. The Company expects to incur approximately
$3.8 million in additional restructuring charges related to these initiatives
during the remaining three quarters of fiscal 2005. First quarter fiscal
2005 operating results for Bath Products benefited from $0.7 million in
favourable exchange rates when compared to the first quarter of fiscal.
2004.
Plumbing Products
Sales in the Plumbing Products segment increased 14.3% to $76.8 million
in the first quarter of fiscal 2005 compared to the same period last year
despite the extra week of sales in the first quarter of fiscal 2004. The
higher sales were driven by growth in the Company's principal markets,
rising acceptance of our superior sensor technology, the market's continued
conversion from copper pipe to PEX tubing in plumbing applications, and
the full realisation of price increases implemented during the latter
half of fiscal 2004.
Operating income for the first quarter of fiscal 2005 increased 24.6%
to $15.2 million (19.8% of sales) from $12.2 million (18.2% of sales.)
Strong sales volume and favourable pricing more than offset higher scrap
iron and steel costs. The Company's initiatives targeting raw material
sourcing have also made a positive contribution to overall margins.
Outlook
David H. Clarke, Chairman and Chief Executive Officer of Jacuzzi Brands,
Inc., stated, 'We are pleased with our overall results during the first
quarter of fiscal 2005. In fiscal 2005 we intend to raise spending on
new product development and marketing to support our brands as part of
our strategy to improve product mix and overall profitability. We continue
to monitor commodity prices and are confident that our ongoing initiatives
will mitigate the impact that these rising costs might have on our operating
results. We also believe that our U.S. businesses are supported by a variety
of favourable macroeconomic trends in both the residential and commercial
markets that more than offset the impact of modestly rising interest rates.
The residential markets in both the U.K. and Europe, however, are sluggish
as compared to a year ago.'
EQT
Private Equity Funds to Acquire Sanitec Corporation
On
4th February the private equity fund EQT IV ('EQT') signed an agreement
with Sanitec International S.A., a company controlled by BC Partners advised
private equity funds, to acquire all shares in Sanitec Corporation, the
Finnish parent company of the Sanitec Group. The transaction is subject
to the customary approvals of relevant competition authorities.
The BC Partners advised funds acquired Sanitec in a public to private
transaction in spring 2001. Since then Sanitec has implemented a comprehensive
restructuring and integration programme, further improving its profitability
and operational cash flow.
'We are convinced that with EQT we will have a strong support for the
continuation and further development of our integration and growth strategy.
Sanitec remains as one entity and this enables us to continue capitalising
on our strong brands and further strengthen our position as a leading
pan-European bathroom solutions provider', says Rainer S. Simon, President
and CEO of Sanitec Corporation.
About Sanitec
Sanitec is a European multi-brand group that designs, manufactures and
markets bathroom ceramics and bath and shower products. The Group is based
around locally well-known brands which have strong positions and deep
roots in the bathroom business. Sanitec operates through two divisions:
Ceramics, Acrylics & Enclosures (CA&E) and Wellness.
In 2003, Sanitec's net sales amounted EUR 951.1 million. The Group employs
around 7,100 people, mainly in Europe. The 27 production plants are located
in Europe whereas the sales and marketing network operates worldwide.
Sanitec's headquarters are located in Finland and in Germany.
About EQT Private Equity Funds
EQT is a leading private equity group in Northern Europe with an industrial
strategy and a strong track record. Managing almost EUR 6 billion in capital,
and with experience from more than 30 investments, EQT offers its portfolio
companies financial support, strategic guidance and a significant network
of contacts. Recent investments by EQT include Sirona Dental (2004) and
Com Hem AB (2003).
About BC Partners
BC Partners is a leading pan-European private equity firm, operating through
integrated teams based in Geneva, Hamburg, London, Milan and Paris. The
BC European Capital VII funds have total commitments of EUR 4.3 billion,
one of the largest buyout funds in Europe to date. Over 17 years the firm
has developed a long track record of successfully acquiring and developing
European businesses in partnership with management, investing in 57 acquisitions
with a combined enterprise value of EUR 33.4 billion.
Villeroy
& Boch Strategic Reorientation in the Tiles Division
In
the wake of the strategic reorientation of its Tiles division, lifestyle
company Villeroy & Boch presented a broad spectrum of new products
with a strong emphasis on design at Bau 2005. Tile concepts for the private
and commercial sectors, for wall and floor designs both indoors and outdoors
assert the company's position as a strong brand and a single-source supplier
for high-class tiling.
After shedding a total of four tile factories, Villeroy & Boch will
be focusing in future on the two production plants at Merzig in Germany
and La Ferté Gaucher in France. These two tile factories have been
optimised and restructured to enable the production of a comprehensive
programme of tile ranges in the medium and upper price segments.
Investment in production facilities, design innovation and logistics
The factory in La Ferté Gaucher is specialised in nonvitreous,
while vitreous and full-body coloured Vilbostone porcelain stoneware is
produced in Merzig. Following the investment measures, the Merzig factory
is one of the most modern tile factories in Europe, equipped with the
very highest standard of facilities. New printing systems enable a broad
spectrum of functional and aesthetic applications and surface designs.
The new plant displays great flexibility in mastering the complexity resulting
from the diverse scope of articles. It also allows fast change-overs between
different articles.
The area of ceramic development has also undergone development and expansion.
Work is carried out here on new glazes, surface finishes and new qualities
of ceramic material. The aim is to render the hallmark features of the
Villeroy & Boch brand more distinctly recognisable on tiles.
All the stages of the production process are carried out at the Merzig
factory - from preparation of the ceramic body, through the technology
tower, pressing, decoration, glazing and drying to firing and sorting.
Production operations are backed up by a new, state-of-the-art logistics
centre, which has been modernised and developed into the central depot
for worldwide supplies. The aim here has been to take account of customers'
increased requirements and to improve customer services. Product availability
has been optimised and delivery deadlines markedly reduced at the new
logistics centre.
The expansion of the factory in Merzig is fully in keeping with Villeroy
& Boch's commitment to maintaining its core presence within the German
economy as an integral part of the company's brand strategy, as a result
of which important homeland jobs are safeguarded for the future.
New tile products in 2005: Innovation and design
Innovations are a key element of Villeroy & Boch's corporate strategy.
An innovation management department was established two years ago, charged
with pooling and evaluating all internal and external ideas and suggestions.
Totally unconventional suggestions are also welcome, and are assessed
here with an open mind.
This set-up has spawned a wealth of successful new products which assure
market partners and the company itself of a significant competitive lead.
An example of such innovations is the 'Light Tile' system which was shown
at Bau. State-of-the-art LEDs are integrated in this tile to transform
it into a striking light source. Villeroy & Boch says that it is the
only manufacturer to offer an illuminated design element which is approved
by the VDE (Association of German Electrotechnical Engineers) for installation
in wet rooms.
The Light Tile lends the 'standard' tile added value which market partners
can exploit to the full to up their profile.
Another focus of the 2005 collection is Vilbostone porcelain stoneware,
which features authentic imitations of natural stones such as Solnhofen
slabs. The programme also includes exclusive reproductions of precious
marble and modern stone looks. Also on offer are system ranges in vitreous
and nonvitreous for walls and floors in the medium to high price segment,
featuring a broad choice of formats, colours, surface finishes, décor
elements, trims and functional elements.
The modular Pro Architectura system which has many years of success to
its name has been revised in part to incorporate the latest colour trends
from the field of architecture. New formats, accessories and trims have
also been integrated.
The 2005 collection from Villeroy & Boch champions the tile as a high-quality
building material and a creative design medium. The spectrum of tiles
offers contemporary solutions to meet the highest standards of individuality,
zeitgeist, aesthetics and functionality which are required today in private
homes, semi-public and public buildings alike.
Marketing of the new products for 2005 will be supported by a sophisticated
sales promotion concept, including various brochures, posters, displays
and advertisements. Seminars will also be available at the Villeroy &
Boch Academy.
Tretzo
Wins High Spec Stirling Contract
Bathroom
furniture company Tretzo, with its distribution partner Delphi Distribution,
has won the contract to provide fittings for 27 luxury homes near Stirling
for developer JAD Homes.
Bonnybridge is a picturesque village about four miles from Stirling and
the developer’s decision to build very high spec, low density housing
with generous internal and external spaces has paid off. The first two
phases of nine, four, five and bedroom houses are already sold. The project
will be complete around Autumn ’06.
Tretzo’s Module 60 and 80 range was chosen because of its minimal
design and quality craftsmanship. Also, as it is available in oak, beech,
maple and cherry householders are able to choose an individual finish
to suit their interior schemes.
Explains George Christie, MD of Delphi 'Tretzo is able to offer a wide
choice of modern shapes, sizes and finishes and this gives the developer
and homeowner limitless bathroom options at a competitive price.'
Delphi is Tretzo’s distributor in Scotland and now supplies its three
new bathroom collections, Sixes, Zero and Module.
Tel: 028 3752 3735
Email: mailto:sales@tretzo.com
Web: http://www.tretzo.com
New
Cheshire Showroom Specifies All Ardesco Worksurfaces
A
new Cheshire kitchen and interiors showroom has recently opened and specified
all worksurfaces from the new Ardesco range by Orama, the independent
manufacturer of worksurfaces and associated decorative products. The showroom,
Jon Lloyd Interiors Ltd based in Victoria Mill, Congleton, opened its
doors in June 2004 with an emphasis on contemporary kitchen design.
With
15 displays covering the full spectrum and price range – from take-away
flat pack kitchens by RTM, to rigid kitchens by German manufacturer Hofemeier
or bespoke hand-crafted kitchen designs by Leek-based Geoff Chater - Jon
Lloyd Interiors is aimed at the discerning consumer with an eye on fashion.
The company addressed a gap in the market for excellent quality kitchen
furniture sold in a stylish setting.
For this reason, explains showroom manager Nicole Vitta-Mcleod: ‘We
selected Orama’s Ardesco range of worksurfaces because they are so
new, up-to-the-minute and designed specifically for the retailer. As such,
we have taken worksurfaces from the whole range for our showroom, including
40 and 50 mm surfaces in laminates and solid surfaces. We also feature
Ardesco composites that combine style with durability and performance
and are available as sink, hob and workstation modules, which can be seamlessly
incorporated into laminate worksurfaces and are easy to install. Alternatively,
the entire kitchen can be surfaced in composite, which is available in
blanks of up to 3.6m long.’
Nicole adds, ‘We work with Stafford-based distributor Premier Forest
for the supply of Orama’s worksurfaces. With up to three deliveries
a week backed by first class customer service, we benefit from the knowledge
of an expert and proactive regional supplier. The beauty of Orama’s
Ardesco range is that it suits all styles of kitchens from the most expensive
to the most affordable. Worksurfaces can make or break a kitchen, so we
carefully selected the display worksurfaces to show our customers how
worksurfaces can complement all kitchens.
‘Our customers come from all over Cheshire, Manchester and North
Staffordshire – so our showroom really covers the full spectrum.
Despite only opening in June, we can safely say that Orama’s Ardesco
range is now getting into more kitchens in this region than ever before!’
concludes Nicole.
Orama’s Ardesco range of kitchen worksurfaces has been designed to
reflect individual styles and tastes without compromising on functionality
and durability. Incorporating new 50mm worksurfaces and a new mirror flat
effect eliminating any ripple effects on its gloss and silk laminates,
the range allows customers to mix and match different colours or enhance
their kitchen units and appliances with some interesting options. Comprising
24 laminates with natural, wood and granite effects, a solid beech worksuface,
seven splashbacks and six composite modules, Ardesco is versatile enough
to suit all living environments.
Orama offers high quality durable decorative panels and worksurfaces.
Established for many years, Orama holds ISO 9001 certification and the
Furniture Industry Research Association Gold Award for product performance.
The company is also a corporate member of the KBSA (Kitchen Bathroom Bedroom
Specialist Association). All Orama’s chipboard and solid timber products
are sourced from 'responsibly managed' forests.
Tel: 01773 520560
Web: http://www.orama.co.uk
For more information about kitchen furniture and appliances, please contact
Nicole Vitta-McLeod at Jon Lloyd Interiors Limited on 01260 295 622 or
e-mail mailto:sales@biasconw.com
Victoria
& Albert Targets Export Sales Growth
Specialist
UK freestanding bath manufacturer Victoria & Albert is gearing up
for major export growth around the world. Expansion of the international
sales & marketing team is well underway, with negotiations to secure
key personnel on schedule to be finalised by end of the first quarter
of 2005. Headed up by country specific experts, this team has the responsibility
of delivering the same sales success of both contemporary and classic
ranges experienced in the UK.
New models cast exclusively from solid surface QUARRYCAST™ have been
an important part of Victoria & Albert’s ongoing success story
and this year is no exception. Spring 2005 promises an exciting time for
trade customers eager to check out the latest trends in freestanding bath
design as Victoria & Albert’s latest contemporary model is being
launched at Bathrooms and Kitchens EXPO. Victoria & Albert Baths are
also exhibiting at ISH Kitchen and Bathroom GULF, Dubai - the Middle East
showcase for kitchen and bathrooms.
Joe Matthews, Managing Director of Victoria & Albert Baths says, 'In
the next few weeks we’ll have some exciting announcements about the
new positions both here in the UK and overseas.' He continues, 'In the
last year Victoria & Albert has become a true global brand. Supported
by an enhanced range and expanded sales team our focus on key high end
markets in both Europe and the USA looks set to drive worldwide sales
even higher.'
Web: http://www.vandabaths.com