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April 9, 2009 · Dallas-based homebuilder Centex, one of the nation’s biggest, is being purchased by its larger competitor from Michigan, Pulte Homes. The deal’s valued at 3.1 billion dollars. It includes an exchange to Centex shareholders of Pulte stock, with more than half the purchase amount assumed in debt.
Pulte’s CEO, Richard Dugas, Jr. said by combining the two industry leaders, a return to profitability would be accelerated. Both companies have lost millions in the down economy that’s hit homebuyers, and therefore homebuilders especially hard.
Pulte expects to save 350 million dollars in efficiencies over the next three years. Some of those savings usually come from layoffs, but there are no specifics on that yet.
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