Fleetwood's Trendsetter Homes Division to Supply Modular Housing to the U.S. Army
March 22 2007 - 7:30AM
PR Newswire (US)
RIVERSIDE, Calif., March 22 /PRNewswire-FirstCall/ -- The Fleetwood
Homes division of Fleetwood Enterprises, Inc. (NYSE:FLE), an
industry leader in factory-built housing for more than five
decades, today announced that its Trendsetter Homes unit has been
chosen as a supplier to provide modular military housing to the
U.S. Army at Ft. Bliss in El Paso, Texas. Terms of the
multi-million dollar contract were not disclosed. Trendsetter
Homes, Fleetwood's modular division, has begun offsite construction
of permanent barracks at its modular housing facility in Texas.
During the first phase of the contract, Trendsetter Homes will
build seven modular apartment buildings totaling 470 units, which
will house 940 Army personnel. The Company anticipates that this
initial phase will enable full-time operation of its Belton, Texas,
plant for at least seven consecutive months. The Army contemplates
additional phases for this project, as well as a number of similar
projects at other bases, all of which Trendsetter will also pursue.
"Our modular building process will allow us to accelerate the
Army's ability to provide high-quality, up-to-date housing with
minimal disruption to base operations," said John H. Riddle, Vice
President of Trendsetter Homes. "Because these apartments will be
built offsite, we will significantly decrease the congestion,
noise, and debris issues associated with conventional site-built
construction. Modular housing construction ensures a remarkably
cleaner and safer job site." Undertaken by the U.S. Army in support
of the Military Housing Transformation Initiative, the project is
part of an effort to significantly upgrade on-base housing at Ft.
Bliss, which encompasses 1.1 million acres of land. It is also the
site of the Army's Air Defense Artillery Center, responsible for
the education and training of Air Defense Artillery soldiers and
units. Fleetwood has teamed with several companies that have
complementary expertise in various areas of development and
construction. Hensel Phelps is the prime contractor and owner of
the government contract; the architectural and engineering
leadership is being provided by The Benham Companies; and The
Warrior Group, which is tasked with delivering completed living
units, contracted with Fleetwood and All American Building Systems
to construct the modular units. For more information about
Trendsetter Homes, please visit http://www.trend-setterhomes.com/.
About Trendsetter Homes Trendsetter Homes is the modular housing
division of Fleetwood Homes, which operates 20 facilities
nationwide and is headquartered in Riverside, Calif. Trendsetter
produces modular residential and commercial buildings in a
factory-controlled environment for residential builders and the
military. The Trendsetter Homes website can be accessed at
http://www.trend-setterhomes.com/. About Fleetwood Fleetwood Homes
is the housing brand of Fleetwood Enterprises, Inc. (NYSE:FLE), a
leading producer of recreational vehicles and manufactured homes
through its subsidiaries. This Fortune 1000 company, headquartered
in Riverside, Calif., is dedicated to providing quality, innovative
products that offer exceptional value to its customers. Fleetwood
operates facilities strategically located throughout the nation,
including recreational vehicle, factory-built housing and supply
subsidiary plants. For more information, visit the Company's
website at http://www.fleetwood.com/. This press release contains
certain forward-looking statements and information based on the
beliefs of Fleetwood's management as well as assumptions made by,
and information currently available to, Fleetwood's management.
Such statements reflect the current views of Fleetwood with respect
to future events and are subject to certain risks, uncertainties,
and assumptions, including risk factors identified in Fleetwood's
10-K and other SEC filings. These risks and uncertainties include,
without limitation, the length of production time for this military
project; the potential of future military projects to pursue; the
lack of assurance that the Company will regain sustainable
profitability in the foreseeable future; the Company's ability to
comply with financial tests and covenants on existing debt
obligations and to obtain future financing needed in order to
execute its business strategies; the volatility of the Company's
stock price; the impact of ongoing weakness in the manufactured
housing market and more recent weakness in the recreational vehicle
market; the effect of global tensions, fuel prices, interest rates,
and other factors on consumer confidence, which in turn may reduce
demand for Fleetwood's products, particularly RV products; the
availability and cost of wholesale and retail financing for the
Company's products, especially manufactured housing; the cyclical
and seasonal nature of both the manufactured housing and
recreational vehicle industries; expenses and uncertainties
associated with the entry into new business segments or the
manufacturing, development and introduction of new products; the
potential for excessive retail inventory levels in the Company's
industries, especially the recreational vehicle business; potential
increases in the frequency of product liability, wrongful death,
class action, and other legal or regulatory actions; the highly
competitive nature of our industries; lack of acceptance of
Fleetwood's products; and repurchase agreements with floorplan
lenders, which could result in increased costs. Contact: Kathy
Munson, Director of Investor Relations, 951-351-3650 JoAnne Foist,
Director of Marketing Services, 951-351-3367 DATASOURCE: Fleetwood
Enterprises, Inc. CONTACT: Kathy Munson, Director of Investor
Relations, +1-951-351-3650, or JoAnne Foist, Director of Marketing
Services, +1-951-351-3367, both of Fleetwood Enterprises, Inc. Web
site: http://www.trend-setterhomes.com/ Web site:
http://www.fleetwood.com/
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