What you need to know about the new wood paneling
The company behind a $10 billion takeover of a furniture company that produces wood-paneling products, said Monday it will begin selling wooden pallets in 2019.
The wood panelers have been one of the hottest furniture brands in the U.S. since it acquired a 30 percent stake in furniture giant Lowe’s in 2014.
The company, which made the announcement in a press release, said it will offer “tens of thousands” of pallets for sale at the company’s retail stores.
The new wood pallets will be available in “various styles and sizes,” according to the press release.
Lowe’s said it plans to offer the wood panels in three colors: green, white and brown.
The pallets can be purchased in wood bins, the company said.
The news comes as Lowe’s has been a focus of criticism for using fake photos of its employees on its marketing materials.
“We take our responsibility to be honest with our customers seriously and will continue to do so in all of our communications with the media and our customers,” Lowe’s spokesperson Erin Murphy told Business Insider in an email.
The announcement comes after the company raised $50 million from China’s Alibaba Group in December.
Lowe is also seeking to increase its presence in the Asia-Pacific region.
In 2016, it was the third-largest furniture retailer in the region.
The retailer reported sales of $4.4 billion in the 12 months ended in June 2019, up from $3.3 billion in 2015.
The Woodland Group is the company behind the Woodpallet.com website, which sells wood panels, shelves and other furniture accessories.
It is the second largest furniture company in the world, according to data from the company.
Woodland is owned by a partnership of China’s Zhejiang Province’s China Construction Bank and a U.K.-based investment group called The Woodlands Group.
The companies also own other wood products companies.