NEWS
Trex sees 50% rise in first-half profits
US decking manufacturer Trex has reported a 26% rise in sales for the first half of the year – and a near 50% increases in profit for the first half of the year. The company, which makes wood-plastic composite (WPC) products, reported sales of US$750 million for the period. Net profit for the period exceeded US$176m – a 49% improvement on the corre- sponding period in 2023. The company said sales of its
premium products were strong, while those of its lower-priced products
were “below expectations”. “In the second quarter we contin- ued to move forward with new product launches,” said Bryan Fairbanks, president and CEO of Trex. These included new railing
products, and plans to expand colour options for its decking. “Looking ahead to the second half
of 2024, we see encouraging data related to our mid-market and premium product sales,” he added. The company expects full year sales
to be in range of $1.13-1.15billion. �
www.trex.com
Lawsuit claims PVC pipe makers fixed prices in US
An electrical contractor in the US has filed a lawsuit alleging that PVC pipe manufacturers worked together to fix prices. The lawsuit, filed by George
Bavolak, alleges that PVC pipe and conduit makers including Atkore, Westlake, JM Eagle and IPEX began engaging in an “antitrust conspiracy” in 2021 – exploiting volatility caused by the Covid pandemic to “fix, raise, maintain and stabilise” the price of PVC water pipes and electrical conduit in the US. The suit alleges that the behaviour
www.pipeandprofile.com
was co-ordinated through a newslet- ter that tracks information on the PVC pipe market. The newsletter itself, called OPIS, is also named in the suit as it “served as a sounding board between defendants, allowing them to communicate their intentions on pricing”.
Bavolak is seeking class action
status for others that may have overpaid for PVC pipe – such as municipal authorities and other contractors. The plaintiff has demanded a jury trial. The case begins in October.
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