SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 8, 1997
FLEETWOOD ENTERPRISES, INC.
(Exact name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
1-7699 95-1948322
(Commission File Number) (I.R.S. Employer Identification No.)
3125 Myers Street, Riverside, California 92503-5527
(Address of Principal Executive Offices) (Zip Code)
909/351-3500
(Registrant's Telephone Number)
Item 5. Other Events
Attached hereto, and incorporated herein by this reference, is a press
release issued on October 8, 1997, related to a significant event involving
the Registrant.
FLEETWOOD ENTERPRISES, INC.
a Delaware corporation
__________________________
William H. Lear, Secretary
FLEETWOOD ENTERPRISES, INC.
Paul M. Bingham, Senior Vice President - Finance
Pulte and Fleetwood Announce Joint Venture
Paul M. Bingham (FLE) (909) 351-3504
Scott H. Campbell (PHM) (248) 433-4597
October 8, 1997
PULTE AND FLEETWOOD ANNOUNCE JOINT VENTURE
BLOOMFIELD HILLS, MI AND RIVERSIDE, CA, October 8, 1997 -- Pulte
Corporation (NYSE:PHM) and Fleetwood Enterprises, Inc. (NYSE:FLE)
announced today that they will jointly form a new corporation that will
own and operate manufactured home retail centers. Pulte will own 51
percent of the new corporation and Fleetwood will have a 49 percent
ownership stake.
Pulte is the nation's largest developer of site-built housing with
operations in 40 markets located throughout 25 states, as well as Mexico
and Puerto Rico. The Company generated calendar 1996 revenues of $2.4
billion and sold 14,613 homes. In addition to its homebuilding
operations, Pulte is involved in home financing activities through its
wholly owned subsidiary Pulte Mortgage Corporation.
Fleetwood is the nation's largest producer of manufactured homes
and recreational vehicles with annual revenues of $2.87 billion in
fiscal 1997. Fleetwood's housing operations are conducted at 28
manufacturing centers located in 15 states, and its homes are marketed
in all 50 states. In the fiscal year that ended in April 1997, the
Company had housing revenues of $1.43 billion and sold 65,354 homes
through its network of independent retailers, while capturing a retail
market share of 21 percent of the manufactured housing market.
Pulte's President and Chief Executive Officer, Robert Burgess,
commented on today's announcement saying, "We are pleased to be able to
participate in this dynamic segment of the housing market and believe it
will provide a significant growth opportunity for Pulte. The
manufactured housing industry has dramatically increased its share of
the overall housing market by addressing the needs of moderate-income
homebuyers. It is exciting to join forces with Fleetwood, which has
long been recognized as the leading company in the manufactured housing
industry. Our newly-formed company, which will be known as Expression
Homes, will benefit from the combined strengths of the nation's leading
residential builder and the top producer of factory-built homes,"
Burgess said.
Fleetwood President Glenn Kummer was equally enthusiastic about
the announcement saying, "In addition to the significant potential for
increased market share and earnings growth, this new venture affords us
the opportunity to enhance the homebuying experience for purchasers of
manufactured housing. Pulte's reputation as the nation's premiere
builder of site-built housing will be a tremendous advantage in
attracting customers to manufactured housing. We believe that
Fleetwood's ability to produce quality, affordable factory-built homes,
joined with Pulte's expertise in marketing and real estate development,
will prove to be a very successful combination," Kummer concluded.
In the joint announcement, Pulte and Fleetwood indicated that
their new company would initially focus exclusively on retail sales of
manufactured homes and related activities such as home financing and
insurance services. It is expected that growth will come through a
combination of selective acquisitions of existing high-quality retail
operations and development of new retail locations.
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