RIVERSIDE, Calif. and MARYVILLE, Tenn., May 29 /PRNewswire-FirstCall/ -- Fleetwood Enterprises, Inc. (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 http://www.fleetwood.com/ or http://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 http://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)
Fleetwood Enterprises, Inc.
CONTACT: 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.
Web Site: http://www.fleetwood.com/
http://www.kccllc.net/fleetwood
http://www.claytonhomes.com/
