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 RIVERSIDE, Calif., Aug. 5 /PRNewswire/ -- Fleetwood Enterprises Inc. announced today that it has acquired the assets of Sterling Homes, a high-end manufactured-housing company based in Lumberton, N.C. The purchase was for an undisclosed amount, and includes all Sterling Homes facilities. Fleetwood's Corporate Treasurer and Chief Financial Officer Paul Bingham said operations began in July under the new company name of Sterling Homes by Fleetwood.
 "We will continue to manufacture the luxury product lines currently produced by the Sterling operation, and its employees will be considered for jobs similar to their current positions," said Bingham.
 According to Jon A. Nord, senior vice president of the housing division, the decision to purchase the assets of Sterling Homes was based on long-term goals Fleetwood holds for increasing its market share in the manufactured housing industry. This acquisition will introduce a high-end product line to its manufacturing capabilities on the East Coast.
 Nord said that Sterling Homes has been in business for two years, and is known for its quality production of single- and multisection units.
 "Fleetwood plans to continue Sterling's tradition of manufacturing luxury homes. It has a well-deserved reputation for quality and service in the high-end market niche, which makes it ideally suited for acquisition for Fleetwood," said Nord.
 Nord added that Fleetwood will bring increased design flexibility to the Sterling operation. "Fleetwood will add its construction technology to the Sterling facilities, which ultimately allows shoppers to personalize floor plan designs to meet individual lifestyle needs," he said.
 Fleetwood ranks as the top-ranked home builder in North Carolina, with sales of more than 4,990 new homes in 1992, and a statewide market share of 25.1 percent, according to figures reported by 1992 Statistical Surveys Inc. and North Carolina Home Builder Association. This marks the ninth consecutive year Fleetwood has achieved this ranking in North Carolina.
 Nord added that he expected home buyers will respond positively to the news of the acquisition. "North Carolina buyers choose a Fleetwood home more often than any other type of home, site-built or otherwise," he said. "We expect our acquisition of Sterling to enhance this region's endorsement of Fleetwood quality."
 Fleetwood Enterprises is headquartered in Riverside, Calif. This Fortune 300 Company is listed on the New York Stock Exchange, and is the leading manufacturer of homes and recreational vehicles. This facility brings the total number of Fleetwood home-manufacturing centers to 27, which sell to all 50 states. More than 2 million people live in homes built by Fleetwood. Its North Carolina operation is part of the Mid- Atlantic Division, which is headquartered in Charlotte.
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 /CONTACT: Kathleen Lauren-Flood of Nelson & Gilmore, 310-376-0296, for Fleetwood Enterprises/

CO: Fleetwood Enterprises Inc.; Sterling Homes ST: California, North Carolina IN: CST SU: TNM

MF-LM -- LA002 -- 9672 08/05/93 08:01 EDT
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Publication:PR Newswire
Date:Aug 5, 1993

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