Why Home Depot is spending $18 billion to buy a roofing company
CNN
In an acceleration of its strategy, renovation giant Home Depot is expanding its business with professional builders as the home fixer-upper market stalls.
In its largest acquisition ever, Home Depot is expanding its business targeting professional contractors and builders as the home fixer-upper market stalls. Home Depot announced Thursday that it is spending $18.3 billion to buy SRS Distribution, a huge building-projects supplier that counts professional roofers, landscapers and pool contractors as its primary customers. SRS, which will operate independently, Home Depot noted, has 760 warehouses and more than 4,000 trucks to deliver its goods. Home Depot, the nation’s fifth-largest retailer, currently gets around half of its sales from housing professionals, who spend more at stores than do-it-yourself homeowners purchasing lawn mowers and power tools. Both Home Depot and Lowe’s have been trying to win more pro customers. Home Depot believes the acquisition will help it grow with its housing professional customer base because they do more complex renovation and remodeling projects that require purchases from specialty stores such as SRS. Home Depot in recent years has purchased other businesses targeting professionals who undertake both complex and simple housing projects. Home Depot’s push for pro customers comes as its DIY customers have slowed their spending. Home Depot’s sales boomed during the pandemic as millions of people spending more time at home turned to renovations and other home improvement projects. But many consumers have since shifted from purchasing physical goods to experiences, such as travel and concerts; others have just cut back spending in general. This shift has hurt Home Depot.
A major congressional watchdog has opened an investigation into Federal Housing Finance Agency Director Bill Pulte, who has helped spark probes into several of President Donald Trump’s perceived political enemies, over possible misuse of authority.
The lawsuit, set to be filed in federal court in Washington, DC, names the Defense Department, Defense Secretary Pete Hegseth and the chief Pentagon spokesman, Sean Parnell, as defendants.
The “CBS Evening News” needs a new anchor — and soon.
President Donald Trump is pushing for an extension of soon-to-expire enhanced Obamacare subsidies – a key Democratic demand that Republicans fought fiercely and that was the basis for the longest-ever government shutdown.
The biggest event in New Zealand Thursday may have been the opening of a furniture store.
Even if you believe you haven’t yet been directly impacted by climate change, your wallet will feel its effects soon, according to a new study.
Small businesses are “starting to crack” amid a weakening economy, rising inflation and fickle consumers; and they drove job losses in the US private sector in November, new data showed Wednesday.
Prepare for automotive sticker shock next year – again.
Constellation Brands, the US owner of Modelo Especial and Corona, bet big on Latino customers for growth. But that strategy is unraveling under the Trump administration’s mass deportation push.
The European Union agreed Wednesday to phase out Russian natural gas imports by late 2027 as part of an effort to end the bloc’s decade-long dependency on Russian energy.
US wireless carrier AT&T said in a letter to the US telecoms regulator that it had committed to ending diversity, equity and inclusion programs, a move that comes as it seeks approval from the Trump administration to buy wireless spectrum assets.
Larry Summers has been banned for life from the American Economic Association, a professional organization for economists, with more than 17,000 members, over his ties to the late sex offender Jeffrey Epstein.
The US labor market has weakened over the course of the year as hiring has stalled across many industries. The national unemployment rate has ratcheted higher in the process, hitting 4.4% in September.