Wolseley plc, Reading, U.K., the largest plumbing and heating distributor in the world and a supplier of building materials products, has been brutalized by the construction market downturn. The company reported its year-end results, headlined by a loss of $1.8 billion for the fiscal year. The loss came mostly from restructuring charges and goodwill impairments.
Wolseley, parent of plumbing wholesaler Ferguson Enterprises in the U.S., also warned of additional job cuts. In the last year, Wolseley has closed 653 branches and eliminated 10,364 jobs. It also spun off its U.S. Stock Building Supply building materials company into a joint venture.