Clayton Homes Announces $94 Million Transaction.KNOXVILLE Knoxville, city (1990 pop. 165,121), seat of Knox co., E Tenn., on the Tennessee River; inc. 1876. A port of entry, it is a trade and shipping center for a farm, bituminous-coal, and marble area. , Tenn.--(BUSINESS WIRE)--Feb. 16, 1999--Clayton Homes, Inc. (NYSE NYSE See: New York Stock Exchange :CMH CMH Center of Military History CMH Commission on Macroeconomics and Health CMH Chief of Military History CMH Children's Memorial Hospital CMH Ceramic Metal Halide (General Electric light source) CMH Congressional Medal of Honor ) has reached a definitive contract with United Companies Funding, Inc. for the purchase of $94 million in 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 loans. By agreement, the terms of the purchase were not disclosed. The Company expects the transaction to be accretive to earnings in fiscal 2000, which begins July 1, 1999. "This portfolio represents a strategic purchase for Clayton Homes," remarked Kevin Clayton, President. "The loans overlap o·ver·lap n. 1. A part or portion of a structure that extends or projects over another. 2. The suturing of one layer of tissue above or under another layer to provide additional strength, often used in dental surgery. v. well with our retail and remarketing organizations. The Company will earn three levels of profit from the transaction as the loans will be insured, serviced and resold." Clayton Homes, Inc. is a vertically integrated manufactured housing company engaged in manufacturing, retailing, financing and insuring homes, and operating manufactured housing communities. The Company now services $3.27 billion in manufactured housing loans. Certain statements may be considered forward-looking and involve certain risks and uncertainties that may cause actual results to differ materially from expectations. |
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