Submitted by lfisher on Tue, 10/06/2020 - 13:56
INDUSTRY NEWS UPDATE OCTOBER 6, 2020

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

KITCHEN REMODELS CONTINUE UPWARD PACE

According to recent research from the Research Institute for Cooking & Kitchen Intelligence, during the third quarter of 2020, more than one in four homeowners surveyed have improved their kitchens in the last 12 months. Among those doing kitchen projects, more are now undertaking full remodels (changing almost everything in their kitchen); leading to a 64% increase in spending.

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KCMA

HURRICANE LAURA DOES $1.6 B IN DAMAGE

Hurricane Laura, which hit Louisiana in late August, has done $1.1 billion in damage to the Louisiana timber industry, and $525 million in damage to Louisiana farmers. 757,538 acres of timber were devastated by the storm.

The damage estimate includes national forests as well as privately owned land. Only 10% of the downed pine trees can be salvaged and that none of the damaged hardwood trees are salvageable. 

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KCMA
Photo courtesy of Woodworking Network

WTO SAYS US VIOLATED TRADE RULES WITH TARIFFS ON CHINA

A World Trade Organization panel stated that U.S. tariffs imposed on Chinese goods violate international trade rules. The WTO panel said that the duties broke trading rules because they were applied to China and were above the maximum rates agreed to by the US. The Trump administration is expected to appeal the ruling.

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WF CABINETRY BUYS DE PERE CABINETS

WF Cabinetry (formerly Wellborn Forest Products) has purchased the Wisconsin-based De Pere Cabinets. HCI Equity Partners, the company that owns WF Cabinetry, also owns Regent Cabinets based in Lakewood, NJ. 

"HCI Equity Partners is an ideal buyer for DCI," said Steve Yahnke, managing director at TKO Miller. "Not only have they demonstrated success in the cabinet market with their two existing portfolio companies, Wellborn Forest and Regent Cabinets, but they are also well-known in the industry for their focus on partnering with family-and-founder-owned businesses to execute growth strategies."

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De Pere Cabinets
Photo courtesy of Woodworking Network

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