Clayton Homes Inc. makes announcement.KNOXVILLE, Tenn.--(BUSINESS WIRE)--Sept. 18, 1995--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 ) and American Homestar Corporation have entered into a definitive agreement for the formation of 21st Century Mortgage Corporation, which will provide financing services for American Homestar's retail sales operations, Clayton announced today. Timothy W. Williams, president of Vanderbilt Mortgage, and James R. Conner, vice president, will be stepping down from Clayton to manage 21st Century along with Richard B. Ray, former chief financial officer of the Company. Clayton Homes will provide a portion of the initial capital for the new venture as well as access to mortgage funding sources. Clayton and the management group will each own 25% of 21st Century, with the remaining 50% held by American Homestar. American Homestar Corporation, based in Webster, Texas Webster is a city in Harris County, Texas, United States. The population was 9,083 at the 2000 census. Geography Webster is located at (29.538581, -95.119354)GR1. (Houston), is a vertically integrated manufactured housing company which produces manufactured homes in the Dallas-Ft. Worth area, retails its products through company-owned and independently-owned retailers and provides insurance services. American Homestar Corporation shares are traded on the 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 (HSTR HSTR Harry S Truman National Historic Site (US National Park Service) HSTR High Speed Token Ring ). Total revenues in fiscal year 1995 were $188 million and net income was $7.2 million. Clayton Homes, Inc., based in Knoxville, Tennessee, is a vertically integrated manufactured housing company engaged in manufacturing, retailing, providing finance and insurance services, and owning manufactured home communities. Clayton Homes, Inc. shares are listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (CMH). Total revenues in fiscal year 1995 were $758 million and net income was $87.0 million. CONTACT: Clayton Homes, Inc., Knoxville Joseph H. Stegmayer, 423/970-7200, ext. 5104 |
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