Wolseley: Ferguson Remains Strong
Following the announcement by Wolseley (Reading, UK) last week that it plans to dispose of or exit its Stock Building Supply operations by August 1, the distribution giant noted that Ferguson (Newport News, VA) continues to outperform the market and benefit from its business diversification. Ferguson’s business groups span five sectors including residential/builder, waterworks, HVAC, commercial and industrial. The company’s diversification through the commercial and industrial sectors contributed to its strong performance given the downturn in the residential construction market.
“Wolseley has indicated, of their businesses today, Ferguson has the most impressive sustained performance and continues to outperform the competition providing strong returns, even in this challenging market,” saidJohn Stegeman, president and CEO.
Ferguson credits its large-scale distribution center model and branch network coupled with its associates’ extensive local knowledge as key to its success.
“Ferguson’s culture today is a reflection of great individuals working together as one,” said Stegeman. “The character of a great company is truly defined in the toughest times. The cycle we are in will pass, and we will surface stronger that ever.”