Lenihan Lumber sold to Finetco
Waterford – Lenihan Lumber has been purchased by Finetco, owner of several lumberyards throughout southern New England.
The three-decade-old lumber operation on Industrial Drive joins Coventry Lumber in Rhode Island along with West Haven Lumber and Welco Inc., both in West Haven, as part of the Finetco family. The purchase closed Nov. 23, according to a press release.
"We are situated along the eastern seaboard," said Bill Finnegan, president and chief executive of Finetco, in a statement. "It just seemed like the practical decision to have a lumberyard that represents Finetco in between and located in Waterford."
Finnegan said the Lenihan purchase will expand his company's service area and increase customer offerings. He said there are changes ahead a Lenihan as well, including the addition of several positions to the staff as the business grows.
Plans also include increasing inventory, he said, "including lumber, decking, roofing, framing and hardware to providing specialized kitchen and bath design services."
The lumber industry has been in a consolidation phase, and the last eight years or so have been tough ones in the construction business.
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