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MHC Leaders ELS, Sun – Assess Hurricane Matthew Impact

October 12th, 2016 Comments off
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Sun logo and photo credits, Sun Communities, and are used here – as are all images – under fair use guidelines.

Sun Communities Inc. (NYSE: SUI) and Equity LifeStyle Properties Inc. (NYSE: ELS) each provided preliminary assessments of the impact from Hurricane Matthew on their properties.

Sun Communities reported that the bulk of any losses expected to be related to removal of damaged trees and debris cleanup and more thorough inspections will be performed.

Sun also says believes its properties and assets located in Hurricane Matthew’s path – Florida, North Carolina, South Carolina, Georgia and Virginia – did not sustain any material damages.

ELS Says…

Our team has worked diligently since we received early warnings of the storm through the passing of the hurricane to ensure that our residents and guests are safe and that services provided by Sun are restored as quickly as possible,” said President and Chief Operating Officer, John McLaren. “We are most fortunate that no one was injured and that the damage to our communities and resorts seems minimal.”

ELS – with properties in Florida and coastal North Carolina and South Carolina – reported no injuries to residents, guests or employees.

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Credit: ELS logo, are used on MHProNews under fair use guidelines.

The Company has a total of 30 properties – 19 manufactured home communities and 11 RV resorts – that were within Hurricane Matthew’s trajectory. They reported having adequate insurance subject to deductibles, including business interruption coverage.

Property damage losses at those properties are preliminarily estimated to total less than $750,000. The bulk of those losses are expected to be related to removal of damaged trees and debris cleanup.

ELS reported that three manufactured home communities and four RV resorts were without electricity as a result of the Hurricane Matthew and does not yet have an estimate for business interruption losses, but they are expected to be relatively limited.

The company doesn’t believe that the storm will have a material impact on its financial condition or operating results.

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You can read an exclusive interview with Marguerite Nader, linked here. Credit: Bloomberg.

Above all, we are grateful that there have not been any reported deaths or injuries to our residents, guests or employees. Our operations teams in Florida and the Carolinas have exhibited incredible efforts in preparing for and reacting to the effects of Hurricane Matthew, including assisting our customers,” said ELS President and Chief Executive Officer, Marguerite Nader.

Both Sun Communities and Equity LifeStyle Properties are among the various industry-connected stocks monitored each business day on the MH Industry’s only daily market report, featured exclusively on the Daily Business News

For yesterday’s closing numbers on all MH industry-connected tracked stocks, please click here. ##

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Innovative Composites International has New CEO

May 29th, 2013 Comments off

MarketWire informs MHProNews the board of directors of Innovative Composites International, Inc. (ICI) has appointed Mark Rivers to serve as vice-chairman and interim CEO of the company, replacing Terry Ball, the previous CEO who has taken on the mantle of President and Chief Operating Officer (COO). ICI manufactures proprietary engineered composite products, including modular housing and shelters for those rendered homeless as the result of catastrophes. Currently a director of the company, Rivers has founded several businesses as well as helped existing companies with conflict resolution, mergers, partner buyouts and strategic alliances.

(Image credit: Innovative Composites International, Inc.)

Execs Depart Zell’s Equity International

May 24th, 2013 Comments off

The Wall Street Journal informs MHProNews three senior executives at Sam Zell’s Equity International (EI) real estate company resigned this week on the heels of the head of capital markets departure, as well as co-founder of the fund and CEO Gary Garrabrandt, who left last Sept. Chief Operating Officer Ira Chaplik, General Counsel Brian Richter, and Executive Vice President in Charge of Tax Structuring Cheryl Engle are all leaving EI, although Engle and Richter will become outside consultants and Chaplik will be an advisor to the company. The departures allegedly stem from disputes over compensation and the firm’s direction. Zell is chairman and owns the majority of EI, receiving over half of the profits, and is also chairman of Equity LifeStyle Properties (ELS). Tom Heneghan, who replaced Garrabrandt, had been CEO of ELS, the owner/operator of 380 manufactured housing and recreational vehicle communities in the U. S. and Canada.

(Photo credit: Equity LifeStyle Properties, Inc.— ELS country club in Calif.)

Drew Draws New Leadership

February 13th, 2013 Comments off

PRNewswire informs MHProNews Drew Industries, Inc. has announced that President and CEO Fred Zinn will step down from his position effective May 10, 2013, and will be replaced by Jason D. Lippert, Chairman and CEO of Lippert Components and Kinro, Inc., Drew’s two subsidiaries. An executive officer since 1988, Mr. Zinn served as president and a director since 2008, and as CEO since 2009, and will continue as a consultant through 2013. Mr. Lippert will continue to serve as Chairman and CEO of Lippert Components and Kinro, as well as a director of Drew. Scott Mereness has been selected to serve as President and Chief Operating Officer (COO) of Drew effective May 10, 2013, and will continue in his role as president of Lippert and Kinro. Leigh J. Abrams, Chairman of the Board of Drew, says, “This carefully conceived leadership transition brings Jason Lippert and Scott Mereness to Drew’s top executive positions. Both these executives are highly experienced, and they have the vision, energy and ability to lead the company through its next phase of growth.” In addition, the corporate headquarters of Drew will relocate from White Plains, NY to Elkhart County, IN, the corporate headquarters of Lippert and Kinro. Drew is a major supplier of components to the MH and RV industries.

(Image credit: Drew Industries, Inc.)

Deer Valley Re-Focuses

June 21st, 2012 Comments off

MarketWatch reports Deer Valley Corporation is restructuring key management personnel to focus on several opportunities the company wants to explore. Joel Logan, president and general manager of Deer Valley Homebuilders (DVHB), Inc., will become executive v.p. and COO (Chief Operating Officer) of the parent company with responsibility for new business development. He will consider new modular techniques and materials, the acquisition of other firms, and the development of a new product to re-start the Sulligent, Alabama facility. Chet Murphree, one of the founders of Deer Valley in 2004, will become v.p. of DVHB and replace Mr. Logan as G.M. MHProNews has learned he has many years experience in multi-plant operations.

(Image credit: Deer Valley Corporation)