Champion Enterprises, Inc. Acquires Central Mississippi And Completes Homes of Merit and Heartland Homes Acquisitions
Home Building Facilities Now Total 66 Retail Home Centers Reach 258 in 27 States
AUBURN HILLS, Mich., Jan. 6 /PRNewswire/ -- Champion Enterprises, Inc. (NYSE: CHB - news) today announced that it has acquired the four manufactured housing retail locations owned by Central Mississippi Manufactured Housing, Inc. This acquisition has Mississippi retail centers in Lexington, Carthage and Philadelphia and expands Champion into a new geographic market. Terms of the transaction were not disclosed.
Champion also announced that it has completed the acquisitions of Homes of Merit and Heartland Homes. Homes of Merit is the #1 manufactured home producer in Florida with six manufacturing facilities and 1998 revenues of approximately $130 million. Heartland Homes, headquartered in Forney, Texas, operates nine Texas housing retail centers and had 1998 revenues of an estimated $55 million.
Champion's Chairman, President, and Chief Executive Officer, Walter R. Young, Jr., said, ''These acquisitions are a great way to start the new year. We now have 66 home building facilities as we continue to focus on our manufacturing operations while expanding our retail platform. Company operated retail home centers now total 258 locations in 27 states as a result of these acquisitions and internal expansions. We are well on our way to reaching $1 billion in retail revenues by the year 2000 and remain committed to our goal of increasing earnings per share at a minimum compound annual growth rate of 15 percent.'' |
