Building Materials Holding Corporation Announces the Acquisition of Two Companies With Combined Sales of $30 Million.SAN FRANCISCO--(BUSINESS WIRE)--June 9, 1998-- Company Also Signs an Agreement on a Piece of Property in Portland for Construction of a New Full-Service Facility Building Materials Holding Corporation Building Materials Holding Corporation (NYSE: BLG) located in San Francisco, California is a holding company engaged, through its wholly owned subsidiaries, BMC West and SelectBuild Construction in the distribution and usage of building materials, selling primarily to (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BMHC BMHC Bear Mountain Hockey Club (New York) ) today announced that it's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. West Corporation has acquired two building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . companies with combined annual sales of $30 million. BMHC also announced that it has signed an agreement on an 18.8-acre tract of land in Portland, Oregon to build a full-service facility, including a lumber yard lumber yard n (US) → almacén m de madera lumber yard n → entrepôt m de bois lumber yard n , door facility and truss truss, in architecture and engineering, a supporting structure or framework composed of beams, girders, or rods commonly of steel or wood lying in a single plane. plant. BMHC purchased substantially all of the assets of Intermountain Lumber and Building Supply Inc., which had 1997 sales of $24 million, in a cash and common stock transaction. Intermountain Lumber has centers in Missoula, Kalispell and Helena, Montana, including truss plants at both the Kalispell and Helena locations. In an all cash transaction, BMHC also acquired substantially all of the assets of Rigid Truss Inc., which operates a truss facility and a wall panel plant in Salem, Oregon with 1997 sales of $6 million. "The acquisitions of Intermountain Lumber and Rigid Truss Inc. demonstrate BMHC's continued focus on growth through acquisitions," said Robert E. Mellor, president and chief executive officer of Building Materials Holding Corporation. "These acquisitions serve both to strengthen BMC West's existing presence in the Montana market as well as to provide entry to the growing Salem market. Each of these acquisitions will allow us to offer value-added products at existing locations that currently do not have full-service capabilities. Furthermore, we expect the purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. of BMC West to have a positive effect on these additional facilities. We believe we will see immediate benefits from the synergies between our existing operations and these new companies. "Complementing our strategy of growth through acquisitions is de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. expansion in markets where we already have a presence. In attractive geographic regions that lack appropriate acquisition candidates, our plan is to build centers to meet our needs in those particular markets. This is precisely the approach we are taking in the Portland, Oregon market where the population growth rate is nearly double the national average and the job growth rate is one of the fastest in the nation." The Company recently signed an agreement on an 18.8 acre parcel of land in Sherwood, Oregon, which will serve as the site for a new Portland-area facility. This new location will combine two of the Company's three existing operations in that market, including the recently acquired Hillsdale door plant in Wilsonville and the lumber yard in Beaverton. BMC West's Vancouver center will continue to operate as a stand-alone facility. The consolidation of these existing facilities and the building of a new truss plant in Sherwood will create a single full-service center that will enable BMC West to better serve the greater Portland area. The Company expects construction of the new facility to begin in the third quarter of 1998 and that the location will be fully operational by mid-1999. The acquisition of Rigid Truss Inc., allows BMC West the opportunity to meet the truss and wall panel needs of its Portland and Vancouver customers until the new facility is completed. The overall Portland-Salem plan further establishes the Company's presence in this target growth market. Building Materials Holding Corporation, through its wholly owned subsidiary BMC West Corporation, is a leading distributor of building materials to professional home building contractors as well as professional repair and remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. contractors. The Company now operates 57 building materials centers in Arizona, California, Colorado, Idaho, Montana, Nevada, Oregon, Texas, Utah and Washington. CONTACT: Building Materials Holding Corporation Ellis C. Goebel, 415/227-1650 or Morgen-Walke Associates, Inc. John Swenson/Doug Sherk/Elizabeth Snowdon, 415/296-7383 Sandra Badurina/Karen Amlong, 212/850-5600 |
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