Homebuilding Merger Creates '800-Pound Gorilla'
Detroit Free Press, Wednesday, August 19, 2009 10:40 AM
Shareholders overwhelmingly approved the $3.1-billion merger of Pulte and Centex on Tuesday, creating the nation's largest homebuilder, Greta Guest reports. The new Pulte Homes Inc. had a combined $11.6 billion in sales last year and is "now homebuilding's 800-pound gorilla," according to Morningstar analyst Eric Landry.
Pulte also will be the country's first multi-branded builder, Landry says. It will use the Centex name for its first-time homebuyer market, the Pulte name will brand the move-up developments, and Del Webb continues as the active adult brand.
"We are taking the best of Centex and the best of Pulte," says Richard J. Dugas Jr., chairman, president and CEO of Pulte. "We are getting the ability to become profitable more quickly."
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Pulte also will be the country's first multi-branded builder, Landry says. It will use the Centex name for its first-time homebuyer market, the Pulte name will brand the move-up developments, and Del Webb continues as the active adult brand.
"We are taking the best of Centex and the best of Pulte," says Richard J. Dugas Jr., chairman, president and CEO of Pulte. "We are getting the ability to become profitable more quickly."
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