Congoleum Corp. said it has reached a settlement agreement with one of its excess insurance carriers over coverage for asbestos-related claims. Under the terms of the settlement, certain AIG companies will pay $103 million over ten years to the trust to be formed upon confirmation of Congoleum's proposed amended plan of reorganization. The settlement resolves coverage obligations of policies with a total of $114 million in liability limits for asbestos bodily injury claims, and is subject to final court approval and effectiveness of Congoleum's proposed amended plan of reorganization.
StarNet announced its leadership team, including its board of directors. Bob Sabosik, president of M.E. Sabosik, Inc., in Pt. Pleasant, NJ was re-elected chairman of the board. Jim Vanhauer, president of Commercial Flooring Systems, in Omaha, NE, was re-elected as secretary, and Bill Bohrer, president of Wall 2 Wall, in Ketchum, ID, was elected to an open director position.
Paul Murfin, a veteran of the flooring business who once ran one of the largest distributors in the U.S, has been named vice president of sales, Armstrong Flooring Products - Americas. In this new role, Murfin will be responsible for all independent channel Residential and Commercial sales in North America. He will report to the company's president and CEO, Frank Ready
Wellman inc, a Fort Mill, S.C. company that makes fibers and resins using recycled material, has been as honored as "the Recycler of the Year" by the Carpet America Recovery Effort (CARE). The company was recognized at CARE's Third Annual Conference for introducing its innovations to the flooring business.
During the final day of Coverings 2005, U.S. Marshals seized brochures from a Hong Kong tile manufacturer on the show floor, under an order issued by a U.S. District Court judge.
Congoleum Corp. said higher prices and increased volume helped elevate its first quarter sales by 10.8 percent this year. For the three months ended March 31 sales reached $57.6 million, compared with $52 million for the first quarter of 2004. The company said its net loss for the quarter was $352,000 versus $435,000 in the first quarter of 2004. The net loss per share was $.04 in the first quarter of 2005 compared with $.05 per share in 2004.
Master Tile said it has acquired Colours of the Rainbow Granite Partners and Citiglory Partners. Colours of the Rainbow is one of Houston's leading providers of marble and granite countertops and natural stone. Citiglory is a national supplier of custom-cut natural stone countertops for commercial installations.
In a move to spin off "a relatively small component of our overall portfolio," Foamex International said it has sold its rubber and felt carpet cushion businesses to Leggett & Platt for $38.5 million. The deal includes the Cape Girardeau, Missouri rubber manufacturing facility and certain assets of the Newton, North Carolina felt manufacturing facility. Foamex said it will use the proceeds to pay down debt.
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