U.S. construction spending inched up to another record high in May as the housing sector continued its strong performance in an otherwise weak economy.
Due to the continued effect of the economic slowdown in its U.S. and international markets, Formica Corp. has entered into discussions with its bank syndicate concerning an amendment for non-compliance with certain financial covenants for the quarter ended June 30, 2001 under its $345 million bank credit facility.
Flexible polyurethane and polymer foam products manufacturer Foamex International Inc., the leading manufacturer of in North America, announced that Pricewaterhouse Coopers LLP, the company’s independent accountant, has resigned effective immediately.
Mike Klingele was recently elected president of Diamond W. Floor Covering. Klingele succeeds Dennis Parks who recently resigned to pursue other interests.
A recently released survey commissioned by Home Depot found that many American homeowners would spend extra money received from President Bush’s tax plan on home improvement projects.
Burke Industries Inc. recently filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey.
Despite slowing economic conditions, existing single-family home sales rose in May, according to the National Association of Realtors. Existing home sales increased 2.9 percent in May.
USG Corporation recently filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company wanted to better manage the growing asbestos litigation costs of its United States Gypsum Company subsidiary and to resolve asbestos claims.
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