The lumber and building material buying cooperatives PAL and ENAP, Inc. announced that pursuant to shareholder approval (scheduled February 19, 2015), the cooperative will be called LBM Advantage, Inc.
LBM Advantage references the organizations’ joint heritage in Lumber and Building Materials and completely underscores its mission to “create a competitive advantage for our members by leveraging their collective power.”
“LBM Advantage is focused on the future and the benefits our $1.5 billion in annual purchasing power will bring to current and prospective members,” stated Paul Dean, PAL CEO and President. “We’re thrilled with the name LBM Advantage for the new cooperative.”
The Boards of Directors of both organizations approved the merger initiative unanimously in October, 2014 by signing a non-binding Letter of Intent. ENAP President and CEO Steve Sallah remarked, “It is vital for LBM cooperatives to grow their importance with the mills and manufacturers and improve their competitive advantage against a new wave of competition. With LBM Advantage, ENAP and PAL members secure their buying power advantages today and for the future.”
PAL was formed in 1937, and ENAP in 1967. Together, LBM Advantage’s combined membership will span 33 states and include 447 member companies operating 742 lumberyards.
LBM Advantage, Inc. plans to operate out of three locations in New Windsor, N.Y., Grand Rapids, Mich., and Monroe, La. The new cooperative will further utilize these locations to provide a national footprint with regional expertise as it continues its geographic expansion.
News release provided by Progressive Affiliated Lumbermen