RIVERSIDE, Calif. and MARYVILLE, Tenn., May 29 /PRNewswire-FirstCall/ --
Fleetwood Enterprises, Inc. (OTC Bulletin Board: FLTWQ), a leading producer of
recreational vehicles and manufactured homes, has sold its Trendsetter
military housing assets to CMH Manufacturing, Inc. for $4.5 million in cash
following Bankruptcy Court approval of the sale yesterday. CMH is a
subsidiary of the Clayton Homes family of companies, subsidiaries of Berkshire
Hathaway. Trendsetter manufactures modular barracks for the U.S. military in
two adjacent facilities located in Belton, Texas, south of Waco.
Under the terms of the purchase agreement, CMH will enter into new contracts
to complete current Trendsetter projects at Fort Sam Houston and Fort Bliss,
and for another building at Fort Sam Houston. It is expected that CMH will
make conditional job offers to most of the unit's team members. Fleetwood's
existing bonding obligations on its military business, which Fleetwood backs
with letters of credit, will be significantly reduced as a result of the
transaction.
About Fleetwood Enterprises:
Founded in 1950, Fleetwood Enterprises, Inc., and its various subsidiaries,
produce, distribute, and service recreational vehicles and manufactured
housing. The company is dedicated to providing high-quality, innovative
products that offer exceptional value to its customers. Fleetwood continues to
employ approximately 2,100 associates in 14 plants located in 10 states.
Fleetwood's products are primarily marketed through extensive dealer networks
throughout the United States and Canada. The company is headquartered in
Riverside, Calif. Additional information about the company's reorganization
may be found online in the news section of www.fleetwood.com or
www.kccllc.net/fleetwood.
About CMH Manufacturing, Inc.:
CMH Manufacturing, Inc. is part of Clayton Homes. A Berkshire Hathaway
Company, Clayton Homes is a national, vertically-integrated housing company.
Through its family of brands, Clayton Homes builds, sells, finances, leases,
and insures a full spectrum of affordable housing and commercial buildings and
is the nation's largest home builder. Visit Clayton Homes at
www.claytonhomes.com.
Contact: Rivian Bell or Sydney Rosencranz
The Abernathy MacGregor Group
rlb@abmac.com, spr@abmac.com
(213) 630-6550; (888) 477-4319 (24/7)
SOURCE Fleetwood Enterprises, Inc.
Rivian Bell, +1-213-630-6550, rlb@abmac.com, or Sydney Rosencranz,
1-888-477-4319, spr@abmac.com, both of The Abernathy MacGregor Group, for
Fleetwood Enterprises, Inc.
