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CENTEX COMPLETES MANGANO ACQUISITION, ENTERS 39TH MARKET

 CENTEX COMPLETES MANGANO ACQUISITION, ENTERS 39TH MARKET
 DALLAS, Nov. 20 /PRNewswire/ -- Centex Corporation (NYSE: CTX) said


today that its home building subsidiary, Centex Real Estate Corporation, has completed the previously-announced acquisition of a substantial portion of the operating assets of The Mangano Company, Inc. The purchased assets include completed homes, homes under construction and lots, both developed and undeveloped.
 "We are pleased to welcome Mangano and its employees to the Centex organization," said Timothy R. Eller, president and chief executive officer of Centex Real Estate Corporation. Mangano, a 34-year-old privately-owned single-family home builder headquartered in Visalia, Calif., will construct approximately 400 homes this year in the Central Valley area between Fresno and Bakersfield. Eller noted that Mangano is the premier builder of affordable housing in that market, which, on a percentage basis, is currently the fastest-growing area in the state in terms of both population and employment.
 The new home building operation will be led by Division President Andrew D. Mangano, son of the Mangano company's founder. Other key members of management, including Craig A. Mangano and Richard E. Langdon, will also remain with the organization. Homes will continue to be built and sold under the Mangano name.
 Mangano's Central Valley location brings Centex's total home building markets to 39 and is the third new market Centex has entered during the past six months. As it has in its other markets, Centex will establish a branch of CTX Mortgage Company, its mortgage banking subsidiary, as part of the Central Valley operation.
 Centex Real Estate Corporation, through its Centex Homes division, is the nation's largest single-family home builder and delivered 7,862 units in 36 markets during its most recent fiscal year ended March 31, 1991. For calendar 1990, Mangano was ranked number 264 in Professional Builder magazine's "Builder 400" listing which identifies the nation's 400 largest home builders.
 Centex Corporation is a New York Stock Exchange Company whose other operations include contracting and construction services, construction products, and savings and loan.
 -0- 11/20/91
 /CONTACT: William J. Gillilan III, president and chief operating officer of Centex, or Timothy R. Eller, president and chief executive officer of Centex Real Estate, 214-559-6500/
 (CTX) CO: Centex Corporation; The Mangano Company, Inc. ST: Texas, California IN: CST SU: TNM


GK -- NY025 -- 5342 11/20/91 10:31 EST
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Publication:PR Newswire
Date:Nov 20, 1991
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