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Posts Tagged ‘Fleetwood’

Record Number of Companies Leave California

January 30th, 2011 Comments off
Business relocation coach Joseph Vranich says a record number of companies left California in 2010, including Fleetwood Enterprises. 204 companies left the Golden State in 2010, four times the 2009 level. Fleetwood Enterprises, Inc. had been headquartered in Riverside, went bankrupt, has been partially revived as Fleetwood RV Inc. and is now headquartered in Decatur, Indiana. The company’s manufactured home segment is now owned by Arizona-based Cavco.

Judge Sets Palm Harbor Asset Auction for March 1

January 7th, 2011 Comments off
Bloomberg News reports that Addison, Texas-based Palm Harbor Homes won court approval to hold an auction to sell its assets with an initial offer of about $58 million. U.S. Bankruptcy Judge Christopher Sontchi approved the rules and procedures that would govern the company’s proposed March 1 auction. Bloomberg says Sontchi also gave Palm Harbor final approval to borrow at least $50 million from Fleetwood Homes Inc., a joint venture of Cavco Industries Inc. and Third Avenue Value Fund, to help support operations while in bankruptcy. All potential bidders hoping to compete in the auction must submit their offers by Feb. 24.

Report Indicates Fate of Manufacturing Plants from Potential Merger Unknown

December 2nd, 2010 Comments off

From Martinsville, Virginia, the Martinsville Bulletin reported on the planned asset purchase of Palm Harbor Homes by Cavco-owned Fleetwood Homes. Martinsville is home to a plant operated by Palm Harbor subsidiary Nationwide. A Palm Harbor company spokesperson told the reporter it’s too early to determine how the Chapter 11 reorganization will impact the local plant. According to the Martinsville-Henry County Economic Development Corp, the local plant employed 173 people as of December, 2009. Colleen Rogers, investor relations manager for Palm Harbor, told the reporter if Fleetwood is the successful bidder at the auction, plans are for Palm Harbor and its subsidiaries to “retain their current brand names.” Cavco CEO Joseph H. Stegmayer said in the report the mutual intention is to help Palm Harbor continue its heritage of providing quality home building, retailing, finance availability, competitive insurance products and outstanding customer service and that any merger would bring a strengthened foundation and market presence.