BELMONT HOMES, INC. COMPLETES ACQUISITION OF SPIRIT HOMES, INC.BELMONT, Miss.--(BUSINESS WIRE)--Oct. 12, 1995--Belmont Homes, Inc. (Nasdaq/NM: BHIX BHIX Brooklyn Health Information Exchange (New York) ) today announced that it has completed the previously announced acquisition of Spirit Homes, Inc., a privately owned 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 company located in Conway, Arkansas Conway is the largest city and county seat of Faulkner CountyGR6, Arkansas. A 2005 special census indicated the population had risen to 52,430 [2]. It is part of the Little Rock-North Little Rock-AR Metropolitan Statistical Area. . The cash acquisition price was $9.8 million and was structured with cash and seller notes. Jerold Kennedy, president and chief executive officer of Belmont Homes, Inc., stated, "We are pleased to announce the acquisition of Spirit Homes, Inc. The Spirit Homes facilities are ideally located in the western section of our nine-state core market and will enable us to increase our market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" in such key states as Texas, Arkansas and Missouri. The acquisition is in line with our growth strategy to increase sales of our affordable home lines Home Lines was founded in 1946 by purchasing the Norwegian America liner Bergensfjord, which it renamed the Argentina. It operated continuously until 1988 when it discontinued operations and sold its remaining two ships, the Atlantic and the both in our core and secondary markets. "We are also pleased to bring to our company a strong management team at Spirit Homes. John Allison John Allison can refer to the following people:
"Spirit Homes posted $35.8 million in sales in 1994 and the 1995 run rate is approximately $50.0 million. A new 220,000-square- foot production facility, scheduled for completion in January 1996, will enable Spirit to implement, over time, certain of the clustered manufacturing techniques proven successful at Belmont," stated William Kunkel, vice president of finance at Belmont. Belmont Homes, Inc. markets a variety of single- and double- section homes through approximately 196 dealers with 250 sales centers located primarily in the southern United States The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive region in the southeastern and south-central United States. . The Company manufactures its homes in four production facilities clustered in Belmont, Mississippi and a satellite unit in Clarksdale, Mississippi. CONTACT: Belmont Homes Inc., Belmont William Kunkel, 601/454-9217 |
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