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Slide #69. Standard Pacific Corp. — Select Homebuilding Assets from Centerline Home
Standard Pacific Corp. (SPF)
Select Homebuilding Assets from Centerline Home
Standard Pacific Corp. (NYSE: SPF) announces that the Company has completed its acquisition of select homebuilding assets from Centerline Homes homebuilding affiliates. The acquisition strengthens Standard Pacific's move-up position in Florida and the Carolinas, giving the Company control of approximately 3,000 homesites. The acquisition includes approximately 30 current and future communities, of which 5 are actively selling with 119 homes under contract. Scott Stowell, Standard Pacific's Chief Executive Officer, stated that, "This exciting acquisition bolsters our growth strategy by increasing our land supply, community count and our target move-up position in a number of important markets, including South and Central Florida and Charlotte, North Carolina. Centerline Homes has clearly earned its reputation as a high quality, move-up focused homebuilder with an emphasis on strong product execution and customer service which complements our existing operations while providing us with a number of communities in sought-after locations."
CalAtlantic Group is a builder of single-family attached and detached homes. Co. constructs homes within a range of price and size targeting a range of homebuyers. Co. has two businesses: homebuilding and financial services. Co.'s homebuilding operations acquire and develop land and construct and sell single-family attached and detached homes in Arizona, Texas, Colorado, Nevada, Florida and the Carolinas. Co.'s mortgage financing operation provides mortgage financing to its homebuyers in the markets which Co. operates, and sells all of the loans it originates in the secondary mortgage market. Co.'s title services operation provides title examinations for its homebuyers in Texas and Florida.
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Hold (2.00 out of 4)
(ranked higher than approx. 80% of all stocks covered)
Based on Zacks ABR data;
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