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Cavco Industries Announces Acquisition of Manufacturing Facility in North Carolina, Expanding Affordable Home Production Capabilities
PHOENIX, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) ("Cavco") today announced that an agreement has been signed to acquire a
About this update from Cavco Industries, Inc.
[{"type":"text","content":"PHOENIX, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) (\"Cavco\") today announced that an agreement has been signed to acquire a 184,000 square-foot manufacturing facility in Hamlet, North Carolina, which will be modified to produce homes built under the standards of the U.S. Department of Housing and Urban Development (\"HUD code\"). Bill Boor, President and Chief Executive Officer, said, \"Demand for our homes, and affordable homes in general, continues to be very strong. With the addition of this new facility, which will bring our total number of homebuilding production lines to 27, we are expanding access to much-needed affordable housing solutions and strengthening our position in the region. This is a great opportunity to quickly bring new capacity online with an in-place and capable workforce.\" The seller, Volumetric Building Companies (\"VBC\"), currently produces multi-family residential and commercial projects in the facility and intends to move that production closer to their markets in the Northeast. VBC will complete existing projects through summer 2022, at which time Cavco will complete renovating the facility for HUD code home production, with an anticipated home production start date by the fourth calendar quarter of 2022. Cavco intends to offer continued employment to existing VBC employees following the transition. Additional employment opportunities are anticipated to become available with the expansion of homebuilding production. About Cavco Industries, Inc. Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. Our products are marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood and MidCountry. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mo...