Submitted by lfisher on Tue, 10/20/2020 - 16:15
INDUSTRY NEWS UPDATE OCTOBER 20, 2020

KCMA is committed to bringing you the latest news in the cabinet manufacturing industry. Take a look at what’s been happening:

 

USTR LAUNCHES INVESTIGATION INTO VIETNEMESE TIMBER IMPORTS

The Office of the US Trade Representative is initiating an investigation addressing two significant issues with respect to Vietnam. USTR will investigate Vietnam’s acts, policies, and practices related to the import and use of timber that is illegally harvested or traded, and will investigate Vietnam’s acts, policies, and practices that may contribute to the undervaluation of its currency and the resultant harm caused to U.S. commerce.

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TELL US HOW YOU CELEBRATED MFG DAY 2020

MFG Day 2020 took place on Friday, October 2 - did your company participate?  Let us know and we'd like to promote your company's event!

If you didn't get a chance to host an event (virtual or in person) on October 2, it's not too late! Events for MFG Day can be continued throughout the month of October.

Click here to learn more.

MFG Day

SHOWPLACE CABINETRY CEO, PAUL SOVA, TO RETIRE

Paul Sova, a founding partner and CEO of the South Dakota-based Showplace Cabinetry, will retire at the end of this year after 42 years in the kitchen and bath industry. The company's current President, Bill Allen, will take over as CEO.

Under Paul's leadership, Showplace has grown to achieve nearly $90 million in annual sales while building about 45 kitchens each day. The company has 587 employee-owners with manufacturing plants in Harrisburg and Beresford.

KCMA thanks Paul for his many years of service and participation on the Board of Directors and as president of the KCMA.

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Paul Sova

ECONOMIC UPDATES

Overall cabinet sales increased 5.5% for August 2020 compared to the same month in 2019. Custom sales are up 1.7%, semi-custom decreased 0.5%, and stock sales increased 10.5%.

New orders for durable goods rose 0.4% in August.

The IHS Markit Flash U.S. Manufacturing PMI notched the best reading since January 2019.

New home sales top 1 million in August - the highest pace since September 2006.

Manufacturers added 66,000 workers in September, rising for the fifth straight month