Wolseley, minority owner in Stock, writes off $64 million in Saturn Acquisition Holdings
Stock Building Supply has reported a $46 million loss on revenue of $950 million for the year ended July 31st. Just three years ago, the building materials supply company had sales of more than $5 billion.
Pro Sales magazine had an in-depth report on the report. For the full story go to prosalesmagazine.com
In reporting its financial results yesterday, the U.K. based Wolseley, the largest plumbing and heating distributor in the world and parent of Ferguson Enterprises, said it is moving its tsax residence to Switzerland. The company, which trades in the UK, North American and Europe, said it would create a new group holding company, New Wolseley, that would be UK listed, incorporated in Jersey and have tax residence in Switzerland.
"The board has concluded that the interests of its business and its shareholders are best served by establishing an international holding company corporate structure that will help provide more certainty in its taxation position,"
The change is expected to enable Wolseley to "achieve a competitive effective corporate tax rate."
Wolseley reported total sales of nearly $21 billion, down 9 percent from the previous year.
Wolseley is not paying a dividend this year, but said it hoped to resume payments in the first-half of 2011.
Ian Meakins, chief executive, said: "Whilst overall we remain cautious about the outlook for our markets, we are confident that Wolseley will make good progress in the year ahead."