AMERICAN HOMESTAR CORPORATION COMPLETES ACQUISITION OF N.C. MOBILE HOME CORPORATION.HOUSTON--(BUSINESS WIRE)--June 19, 1997--American Homestar Corporation (Nasdaq/NM:HSTR HSTR Harry S Truman National Historic Site (US National Park Service) HSTR High Speed Token Ring ) today announced that it has completed the acquisition of N.C. Mobile Home Corporation, which operates 11 retail sales centers in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and one in Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). . Consideration for the purchase, based on certain performance targets, is up to 117,647 shares of American Homestar's common stock and up to $2.5 million in cash and notes. Final determination of the consideration will be made after August 1997 results are known. The transaction is being accounted for as a purchase and is expected to be slightly accretive to fiscal 1998 earnings. American Homestar's co-CEOs, Finis F. Teeter and Laurence A. Dawson, Jr., said, "We have been represented in the Carolinas by our 15 CHOICENTER and WESTWOOD retail franchisees as well as a number of independent dealers. This acquisition is a significant step in both solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. and expanding our retail distribution base in the region. Consistent with our vertical integration strategy, this new retail capacity should help drive our Heartland manufacturing operation to higher levels of output and profitability and also represents an important additional source of business for our 21st Century Mortgage affiliate and insurance operations." American Homestar is one of the leading vertically integrated manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected companies. The Company currently operates 11 manufacturing plants, 67 Company-owned retail centers, and serves over 400 independent retail locations in 28 states. The Company also provides retail financing through its finance affiliate, 21st Century Mortgage, and provides insurance and transportation services to its customers. CONTACT: American Homestar Corp., Houston Craig Reynolds Craig Reynolds can refer to:
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