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Ladd reports 4th quarter revenue decline; plans to acquire Pilliod.



LADD LADD Lifetime Average Daily Dose
LADD Lacrimoauriculodentodigital (syndrome)
LADD Light and Darkness Dragon (YuGiOh trading cards)
LADD Low-Angle Drogue Delivery
LADD Lowest Acceptable Daily Dose
 Furniture Inc.'s chairman and chief executive officer Richard Allen There have been several famous men with the name Richard Allen:
  • Richard Allen (actor)
  • Dick Allen baseball player
  • Dick Allen (poet)
  • Richard Allen (politician), Member of Provincial Parliament (1982-1995) and cabinet minister (1990-1994) in Ontario, Canada
 said he expects LADD's fourth quarter revenue to decline 4 percent on net sales Net Sales

The amount a seller receives from the buyer after costs associated with the sale are deducted.

Notes:
This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight
 of $124 million, but said the losses were "temporary in nature."

Allen cited the discontinuation dis·con·tin·u·a·tion  
n.
A cessation; a discontinuance.

Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent)
discontinuance
 of certain American of Martinsville residential furniture lines, and, continued sales weakness at Pennsylvania House -- LADD's upper medium-priced furniture manufacturing company as reasons for the decline.

He said the surge in housing activity and increased consumer confidence will help to improve future sales.

Allen said LADD also expects its 1994 profitability to benefit from plant restructuring in Virginia, a $20 million-plus capital investment program, better industry pricing, and the acquisition of Pilliod Cabinet Co.

The estimated $54 million acquisition of Pilliod was expected to be completed in January. The purchase price includes about $30 million in debt LADD will assume. The transaction is subject to the satisfactory completion of environmental and financial due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired.  and approval under the Hart, Scott Rodino Act. Pilliod was recently cited by the U.S. Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and  for missing a deadline for reporting toxic chemicals and has proposed fining the company $67,909. A decision on whether the fine will be approved is still under negotiation.

Pilliod has annual sales of $80 million, employs approximately 1,000 people and operates plants in Nicholas, S.C.; Selma, Ala.; and Swanton, Ohio Swanton is a village in Fulton and Lucas counties in the U.S. state of Ohio. The population was 3,307 at the 2000 census. History
A.D. Baker, a steam engine inventor, ran a machine shop in Swanton from 1901 to 1953.
. It makes promotionally priced residential wood furniture under the Pilliod and Symmetry brand names.

LADD also has been restructuring a number of its plants. In late June, American of Martinsville (AOM AOM Academy of Management
AOM Age of Mythology (Ensemble Studios game)
AOM Acute Otitis Media (middle ear infection)
AOM Acupuncture and Oriental Medicine
AOM America on the Move
) announced a $9 million expansion of its manufacturing operations in Martinsville, Va. The expansion consists of a 100,000-square-foot addition to its facility and installation of new highly automated production equipment. When completed, all of AOM's contract furniture manufacturing operations will be consolidated into the Martinsville plant.

LADD also merged its AOM case-goods business into American Drew and discontinued a number of unprofitable residential case-goods lines. The company is planning on investing $6 million at it's Marion, Va., plant and $4 million at its Chilhowie, Va., plant which will then be used to produce bedroom and correlated furniture products under LADD's Lea Industries division.
COPYRIGHT 1994 Vance Publishing Corp.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Ladd Furniture Inc.; Pilliod Co.
Publication:Wood & Wood Products
Date:Feb 1, 1994
Words:361
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