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09.18.09

USG to Close 30 L&W Yards

USG's Distribution Unit To Close 30 More Facilities Cuts next month will leave L&W one-third smaller than it was in 2007 Source: PROSALES Information Service Publication date: September 11, 2009 By Craig Webb USG Corp. will close another 30 L&W Supply Corp. distribution centers next month, a move that will leave it with about one-third fewer facilities than it had two years ago, the company reported today in a filing to the Securities and Exchange Commission. The closures, scheduled to take place at the start of the fourth quarter, are "a further step in the registrant's ongoing adjustment of its operations and staffing to adapt to market conditions," USG said. It said it will book charges of about $25 million related to the closures. Today's move comes on top of nine closures of L&W facilities earlier this year, another 54 closures that took place in 2008, and 12 facilities shuttered in 2007. Before the closures began, there were roughly 250 Lamp;W facilities. Once the latest 30 are added to the toll, roughly 160 facilities will remain. On July 22, USG reported L&W and the subsidiaries that make up USG's building products distribution business swung to an operating loss of $26 million from an $8 million profit in the April-June period of 2008. Gypsum wallboard sales werre down 36% from the second quarter of 2008, while sales of other products were down 38%.

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