More On Housing-Related Industries [Housing Tracker]

Tembec Industries Files Bankruptcy as Foreign Firm. “Tembec Industries Inc., a unit of Montreal-based Tembec Inc., filed for protection from U.S. creditors to implement the debt restructuring approved by a Canadian court in February. The company said… its assets and debts exceed $1 billion… Tembec had to restructure its debt due to the rising value of the Canadian dollar, declining U.S. home construction, a glut of timber because of a beetle infestation in British Columbia and falling newsprint demand, according to court papers.” (Bloomberg, Sept. 4)

Office Furniture Orders Up But Slump Seen. “Business and Institutional Furniture Manufacturers Association: U.S. office furniture orders rose 1% in July to $940 million compared with a year earlier, but year-to-date orders and shipments are flat, heralding double-digit declines in 2009… July shipments rose 1% to $930 million, year-over-year. But the trade group said it expects full-year orders and shipments to fall 2.4% and 3.9%, respectively. In 2009, BIFMA is projecting a drop in both orders and shipments of slightly more than 10%. Raymond James analyst Budd Bugatch: Demand has yet to collapse, but it has slowed after mid-to-high single-digit growth in 2006 and mid-single-digit growth in 2007.” (Reuters, Sept. 3)

Lowe's Assisting with Hurricane Gustav Relief. “Lowe's Companies, Inc. (LOW) announced Tuesday the company has truckloads of emergency supplies staged and ready for Hurricane Gustav relief efforts along the Gulf Coast as it prepares for the expected arrival of Hurricane Hanna later this week. The company also announced that its more than 1,575 stores nationwide will serve as official cash donation sites to benefit the American Red Cross 2008 hurricane relief efforts. Lowe's will match in-store contributions up to $250,000… During 2007, Lowe's and its customers raised $620,000 to support American Red Cross disaster responses... Since partnering with the American Red Cross in 1999, Lowe's has raised more than $17.5 million for disaster relief.” (MarketWatch, Sept. 2)

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