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Pella CEO Calls On Lawmakers To Raise Debt Ceiling

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Pella CEO Calls On Lawmakers To Raise Debt Ceiling

Business

Pella CEO Calls On Lawmakers To Raise Debt Ceiling

Pella CEO Calls On Lawmakers To Raise Debt Ceiling

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Robert Siegel talks with Patrick Meyer, president and CEO of Pella Windows and Doors. He's one of hundreds of business heads who signed a letter to President Obama and members of Congress, urging them to raise the debt ceiling.

MICHELE NORRIS, Host:

From NPR News, this is ALL THINGS CONSIDERED. I'm Michele Norris.

ROBERT SIEGEL, Host:

Today, the CEO of a substantially larger firm, the Pella Corporation - Pella windows and doors. It's based in Pella, Iowa. It employs over 8,000 people. And the CEO is Patrick Meyer. Hiya.

PATRICK MEYER: Hello, Robert.

SIEGEL: And, first, why did you sign the letter?

MEYER: And so, that translates into consumer and business confidence that's still weak, and any risk to that confidence will have a negative impact on our industry.

SIEGEL: Is it fair to say that as construction goes, so goes Pella?

MEYER: It does and, you know, we're in two big business segments - on the commercial side and on the residential side. And both on the new construction side, as repair and remodeling; and so each has a different ebb and flow. One of thing that's actually positive for us right now is our commercial business, and it acts differently than the residential business.

SIEGEL: I believe the favorable tax treatment for getting cleaner, greener windows expired, didn't it? Did the demand fall off at that point? Or did it continue just as strong even without the tax benefit?

MEYER: And you're right, it terminated at the end of 2010 and we did see demand drop off. The consumers did pull back and so, 2011, the market has pulled back quite a bit.

SIEGEL: As you look ahead, what are your priorities? What would help you most of those possibilities?

MEYER: Well, I think it really centers around confidence. You know, over the last several years, the homeowners on the residential side are really de- leveraged. And so, their confidence in their ability to have their home be valued well, to invest back in that is very important to us. We see that as an opportunity that's really important - that the consumer has to have confidence that when they invest in their home, they're going to get a good return on that.

SIEGEL: You know, it is said - The Washington Post reported in a story about the letter that was sent to Congress and the president, that no mention was made of taxes in it, because they couldn't achieve unanimity on whether the letter should say: Don't include any tax increase at all or get realistic and include some tax increases. What do you think about that?

MEYER: Well, I think it's got to be around taking out waste and reducing costs. There's times that we can raise price or raise taxes. I don't think this is time. I think the time is to focus on taking the waste out of the system, looking at this holistically and continue that focus.

SIEGEL: And all the people who were saying, you know, just be straight and do your job, are also saying and I'm paying a guy a zillion dollars to make sure that I get it played my way. What do you think?

MEYER: Well, I think - I'd say we always want to play a level playing field. To your point, it would need it to be understandable, fair and predictable. And then we can set up a business and plan for that. I do think there is a strong sense of the lobbyists in Washington. But what we need to count on, again, is just make it fair, understandable and predictable.

SIEGEL: Mr. Meyer, thank you very much for talking with us today.

MEYER: All right, Robert. Thank you.

SIEGEL: That's Patrick Meyer, who is the CEO of Pella windows and doors. He spoke to us from the headquarters in Pella, Iowa.

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