PARIS, KENTUCKY

Today, Monessen Hearth Systems Company announced that it has changed the company name to Vermont Castings Group. Under the new name, the company will continue to grow and support its four brands - Vermont Castings, Majestic, Monessen and Ambient Technologies.
 
"Changing our name will help us leverage the heritage of our iconic Vermont Castings brand to generate growth for our full portfolio of industry leading brands and product lines," said Dan Clifford, president and CEO of Vermont Castings Group. "Vermont Castings is one of the most recognized brands in the hearth and outdoor industries and is synonymous with efficiency and quality. We were Green long before Green was in, and we are proud that our products are manufactured in the USA."
 
The overall structure, size and organization of the company remain the same, with headquarters staying in Paris, Kentucky. No personnel changes are expected as a result of the corporate name change.
 
"This name change will better position our corporation to take advantage of future opportunities, with Vermont Castings anchoring a world class portfolio of brands and products," said Clifford.

 

Visit the new Vermont Castings Group website. 

WASHINGTON, D.C.

By Housing Economy

A housing renaissance has begun. This may be hard to believe after the dizzying, six-year-long crash in home sales, construction and house prices. But housing turned the corner last year, and it will take off in 2013.

Driving this optimism is one certainty: Owning a home has never been as attractive. Potential home buyers have a two-step decision process. First, they determine whether they can afford to make a purchase - does their income safely cover their mortgage payment? Then they determine whether owning is a better financial choice than renting - are the costs of owning a home lower than the cost of renting it?

Housing has never been as affordable. House prices were slashed by more than one-third during the housing bust, and mortgage rates have plunged to record lows. The Federal Reserve is focused on keeping mortgage rates exceptionally low in its quest to jump-start housing and the broader economy. The rent-buy decision is also a slam-dunk in much of the country. Rents are rising strongly almost everywhere, making owning a home financially compelling, even after accounting for the cost of maintaining and operating a home.

Buying a home wouldn't make much sense if house prices were likely to decline further; no one wants to catch a falling knife. But it seems increasingly likely that prices will rise. No one should expect the value of their house to appreciate quickly - counting on your home to be a significant part of your retirement savings isn't a winning strategy - but it is reasonable to expect that prices generally will rise with at least the rate of inflation for some time to come.

Getting a mortgage loan isn't easy, but it is getting easier. Lenders are increasingly convinced that the housing recovery is for real and that borrowers will pay them back. Lenders have been worried about lawsuits and other regulatory actions prompted by their poor lending decisions during the housing bubble, but these legacy issues are slowly being settled. Lenders still want borrowers to come up with bigger down payments and higher credit scores than government lenders Fannie Mae, Freddie Mac and the Federal Housing Administration require, but they aren't being nearly as tough on borrowers as they were. The mortgage credit spigot is slowly opening.

Housing is also set to get a big boost from a lot more households. When a household is formed, it, by definition, must live somewhere. Not many households got started during the Great Recession, as 20-somethings couldn't crack the tough job market and had a hard time striking out on their own. They stayed in school or with their parents. Immigration also tailed off as the bad job market forced some immigrants to go home and dissuaded others from coming here.

More Households Forming
While the job market still isn't great, it is much improved, and this is evident in increasing household formations. More people in their 20s are getting jobs and have quickly struck out on their own; staying with Mom and Dad can be wearisome for everyone involved. Since their first place away from home is traditionally an apartment, demand for apartments has soared, and thus the jump in rents. Immigration will be slower to revive, but it, too, will eventually pick up as the job market improves.

POTTSTOWN, PENNSYLVANIA

Alfresco Home has been awarded the exclusive North American distribution rights to "Fornetto" by Garth Living of Australia. The Fornetto range of products include the versatile two-in-one, wood-fired pizza oven and smoker. For more than 30 years both Alfresco Home and Garth have been designing and manufacturing quality outdoor products that are sold worldwide.

"Eating with our customers, friends and team is central to our culture," says Joseph Cilio, president and CEO of Alfresco Home. "For the last five years we have been researching what opportunities exist in the outdoor cooking category. When we got together with the Garth team in Australia, we knew that Fornetto was the right outdoor cooking product and the right brand to bring into the Alfresco Home repertoire and to introduce to North America."

With its simple, traditional appearance, coupled with modern ingenuity, a Fornetto oven is the ultimate social cooking experience. The uniqueness of this product, its design and performance solidified the Alfresco Home commitment to the Fornetto brand.

Anthony Cilio, executive director of Product Development says, "The Fornetto has performed above all expectations during our trials. As soon as our Fornetto arrived, we spent the next few days testing and running trials. Our first guest list was the family; we prepared some Roman Rustic Pizza's as appetizers and then cooked a five lb., bone-in leg of lamb in the Fornetto. They were delicious. We spent some time around the Fornetto working with its simple functionality and enjoying some wine. It was great!"

Alfresco Home 's Fornetto comes with a two-year manufacturer's warranty. Also available are a full line of accessories, including a four-piece toolset specifically designed for the Fornetto ovens. Other pizza accessory tools including a bamboo pizza peel and  heat resistant gloves are available.  

The exclusive North American distribution agreement was confirmed in November and Alfresco Home's launch of the brand will take place in the first two quarters of 2013. According to Joseph Cilio, "Our initial distribution will be calculated and specific. We already have a handfull of dealers, both independent retailers as well as regional 'outdoor kitchen' distributors who are very interested in the Fornetto products"

Alfresco Home considers the Fornetto a very strong complement to its product range as it continues to strengthen its commitment to the outdoor lifestyle. The philosophy of both Alfresco Home and Garth is grounded in the belief that life is best enjoyed with great food surrounded by family and friends.  Adding to the popular Alfresco Home Cast Aluminum and Everwoven All Weather Wicker casual furniture collections, Fornetto continues to bridge the gap between indoor and outdoor living.  

Alfresco Home's range of patio accents, beverage coolers, mosaic accent pieces and garden art fully round up the impressions that Alfresco Home can make in completing ones backyard.

 

To learn more about Fornetto please visit the website. 

RESEARCH TRIANGLE PARK, NORTH CAROLINA

The U.S. Environmental Protection Agency recently acknowledged that the Earth's Flame Hybrid Clean Burn system, as tested in the Heatilator E36 fireplace, meets the Phase 2 qualifying emissions level under the EPA Wood-burning Fireplace Program.

In a letter to Lisa Leighton, owner of Earth's Flame, the agency said, "You may use the qualifying labels and hangtags in accordance with the Partnership Agreement Guidelines.

Visit the Earth's Flame website.