Champion Enterprises, Inc. Announces Acquisition of Four Retail Centers In Louisiana
AUBURN HILLS, Mich., April 7 /PRNewswire/ -- Champion Enterprises, Inc. (NYSE: CHB - news) today announced the acquisition of four manufactured housing sales centers in Louisiana, with estimated 1997 revenues of approximately $25 million. The acquisitions include: Manufactured Housing of Monroe, Inc.; Manufactured Housing of Jena, Inc.; Manufactured Housing of Natchitoches, Inc.; and Manufactured Housing of Bossier, Inc. Terms of the transactions were not disclosed. In addition, Champion announced that it has completed the acquisition of the Homes America Group, which was announced last week. Champion now operates 145 retail locations in 21 states with approximately $450 million in base year 1997 revenues.
Champion's Chairman, President and Chief Executive Officer, Walter R. Young, Jr., said, ''These acquisitions add geographic diversity to our retail group, having outstanding sales centers located in the South. Billy Farr, principal owner of these retailers, has created a solid organization, which will fit right into our Champion family. With these and our other previously announced retail acquisitions and expansion plans, we are well on our way to achieving our goal of $1 billion in retail revenues by the year 2000. As we continue to implement our retail strategy, we remain committed to our long- term goal of increasing earnings per share at a compound annual growth rate of 15 percent.''
Billy Farr commented, ''We like the way Champion operates, with a decentralized organization and incentives for future profits and growth. Our retailers will continue to operate autonomously and will have the added benefit of capital and support a company the size of Champion can provide. Champion encourages entrepreneurial attitudes and we expect to grow our operations even faster with their help.'' |
