Lowe’s names Ramsay CIO
Mooresville, N.C. — Paul D. Ramsay has been promoted to CIO of Lowe’s Companies Inc., effective immediately. He has been serving as acting CIO since March.
Ramsay will report to Richard D. Maltsbarger, who has been appointed chief development officer. As CIO, Ramsay is responsible for day-to-day operations of Lowe’s IT organization, including the continued development of a technology portfolio that seamlessly supports the operations of the company’s stores, distribution network, e-commerce platforms, and future business technology needs. He joined Lowe’s in 2011 with more than 25 years of experience in the IT industry. Ramsay has served Lowe’s as senior VP of IT infrastructure and operations and was named SVP of IT for Lowe’s U.S. home improvement business in 2013.
"During his tenure at Lowe’s, and particularly during the months as acting CIO, Paul has demonstrated consistent, strong leadership that is making a difference with the IT team," said chairman, president and CEO Robert A. Niblock. "Because IT is an integral part of the strategy and capabilities of an omni-channel retailer, having the function report to Richard will continue to ensure we meet consumers’ future needs."
PriceGrabber, Channel IQ partner for e-commerce tool
Los Angeles — PriceGrabber has partnered with Channel IQ, to power "Buy Online", Channel IQ’s latest product that will be available to consumers early this summer. Powered by PriceGrabber’s shopping content, Channel IQ’s "Buy Online" solution allows manufacturers to offer consumers a way to find and purchase their desired product from authorized retailers and ecommerce sites.
With "Buy Online" implemented, shoppers will be able to view relevant retailer information, up-to-date pricing data, and click through for a transaction straight from the manufacturer’s website.
Vitamin Shoppe acquires vitamin manufacturer
North Bergen, N.J. — Vitamin Shoppe Inc. has purchased FDC Vitamins LLC, doing business as Nutri-Force Nutrition, a contract manufacturer of vitamins, minerals and supplements, from MBF Healthcare Partners L.P. and other minority holders. Nutri-Force is a current manufacturer for Vitamin Shoppe as well as for other domestic and international customers and distributors.
The transaction was structured as a purchase of FDC Vitamins LLC equity by a wholly-owned subsidiary of the Vitamin Shoppe. The purchase price is approximately $85 million which includes a $5 million earn out based on 2014 financial performance.
The purchase price will be paid with available cash. The acquisition of Nutri-Force is expected to be neutral to slightly accretive to 2014 earnings per share, excluding transaction and integration costs. Vitamin Shoppe also said the purchase extends its capabilities into manufacturing and strengthens product development