8 Locations in Colorado, Idaho, Nevada, Utah and Washington
AUBURN HILLS, Mich., Oct. 19 /PRNewswire-FirstCall/ -- Champion
Enterprises, Inc. (NYSE: CHB), a leader in the factory-built housing industry,
announced today that it has sold its western retail region, consisting of
eight retail sales operations located in Colorado, Idaho, Nevada, Utah and
Washington, for cash of approximately $4.1 million. While the specific terms
of the transaction are not being disclosed, the company does not expect to
record any significant gain or loss as a result of this sale. Additionally,
no ongoing liabilities with respect to these locations were retained outside
the normal course of business.
Champion's President and Chief Executive Officer, William C. Griffiths,
commented, "We are extremely pleased to announce the closing of this sale
today. It is an ideal transaction for us in that the buyer has retained our
employees at these locations, and we have solidified an ongoing manufacturing
distribution agreement for a period of five years. We are excited about the
new partnership that this sale has facilitated and look forward to a strong,
mutually rewarding relationship with the buyer for many years to come."
The buyer, Blaser Holding, Inc., a Utah corporation whose principals are
Stephen Blaser, Stephen Burke Blaser and Shane Honey, added "We have enjoyed a
long-standing relationship with Champion and are excited about this new
venture which will allow us to continue to work together to bring home
ownership to deserving Americans throughout our region."
After this transaction Champion's retail segment consists of 77 retail
sales centers in 17 states with net assets of approximately $60 million as of
the quarter ended October 2, 2004.
Champion Enterprises, Inc., headquartered in Auburn Hills, Michigan, is
one of the industry's leading manufacturers and has produced over 1.6 million
homes since the company was founded. The company operates 29 homebuilding
facilities in 14 states and two Canadian provinces. Independent retailers,
including 825 Champion Home Center locations, and approximately 500 builders
and developers sell Champion-built homes. Further information can be found at
the company's website, http://www.championhomes.net .
SOURCE Champion Enterprises, Inc.
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Related links:
http://www.championhomes.net
Company News On-Call:
http://www.prnewswire.com/comp/110861.html
CONTACT:
Investor and Media Contacts: Phyllis A.
Knight, Chief Financial Officer, +1-248-340-9090, or Colleen T.
Bauman, Investor Relations, +1-248-340-7731, both of Champion
Enterprises, Inc.
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