BMHC Adds Plumbing Installation Services to Its Arizona Construction Services Division
April 19 2005 - 7:30AM
PR Newswire (US)
BMHC Adds Plumbing Installation Services to Its Arizona
Construction Services Division SAN FRANCISCO, April 19
/PRNewswire-FirstCall/ -- Building Materials Holding Corporation
(NASDAQ:BMHC) today announced that it has acquired a majority
interest in Riggs Plumbing, LLC through its wholly owned
subsidiary, BMC Construction, Inc. Riggs provides turnkey rough and
finish plumbing installation to high volume residential builders in
the Phoenix and Tucson markets. Riggs will be operated as a
division of BMC Construction's integrated construction services
business in Arizona, joining its KBI Construction, LLC division,
which provides turnkey framing and trim carpentry services. The
remaining interest in Riggs is subject to a contractual right of
BMC Construction to acquire the additional interest in Riggs from
the minority shareholders. BMC Construction will pay for the
transaction with cash and assumption of debt. Mr. Robert E. Mellor,
BMHC's Chairman, President and Chief Executive Officer, stated,
"This transaction represents another step toward realizing our
vision of creating an integrated, multi-trade residential
construction company serving high volume residential builders.
Phoenix and Tucson are very attractive builder markets and offer
the right areas to take this step of expanding our construction
services. With an excellent reputation for quality, performance and
service, Riggs is the right company with whom to make this
important move. Gerry Riggs and his management team share our
cultural values and our vision and they will be a welcome addition
to BMC Construction and BMHC." About BMHC BMHC, a Fortune 1000
Company, is one of the largest suppliers of building materials and
construction services to the U.S. homebuilding industry. Through
our two operating subsidiaries, BMC West and BMC Construction, we
specialize in delivering high-quality building products and
integrated construction services to national, regional and local
homebuilders and contractors. To learn more about BMHC, visit our
website at http://www.bmhc.com/. Business Risks and Forward-Looking
Statements There are a number of business risks and uncertainties
that affect our operations and therefore could cause future results
to differ from past financial performance or expected results.
Information regarding business risks and uncertainties is contained
in our Annual Report on Form 10-K for the period ended December 31,
2004 and periodic filings with the Securities and Exchange
Commission. These risks or uncertainties may include, but are not
limited to: changes in the overall condition of the U.S. economy,
including job formation, interest rates and consumer confidence;
fluctuations in our costs and availability of sourcing channels for
commodity wood products and building materials; changes in the
business models of our customers; changes in our competition;
future integration of acquired businesses which may not result in
anticipated cost savings and revenue synergies being fully realized
or it may take longer to realize than expected; availability of and
ability to attract, train and retain highly-qualified individuals;
unanticipated weather conditions, including natural catastrophic
events such as earthquakes, fire, flood, hurricanes, tornadoes,
etc.; implementation of cost structures that align with revenue
growth; actual and perceived vulnerabilities as a result of
terrorist activities and armed conflict; international supply and
demand for key building materials and numerous other matters of a
local and regional scale, including those of a political, economic,
business, competitive or regulatory nature. Certain statements made
in this news release constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements that are not historical or current facts,
including statements about our expectations, anticipated financial
results and future business prospects are forward-looking
statements. While these statements represent our current judgment
on what the future may hold and we believe these judgments are
reasonable, these statements involve inherent risks and
uncertainties that may cause actual results to differ materially
from our historical experience and present expectations. Undue
reliance should not be placed on such forward-looking statements,
as such statements speak only as of the date of this news release.
We undertake no obligation to update forward- looking statements.
DATASOURCE: Building Materials Holding Corp CONTACT: Ellis Goebel,
Senior Vice President, Business Development and Investor Relations
of BMHC, +1-415-624-9100 Web site: http://www.bmhc.com/
Copyright
Building Materials (NASDAQ:BMHC)
Historical Stock Chart
From May 2024 to Jun 2024
Building Materials (NASDAQ:BMHC)
Historical Stock Chart
From Jun 2023 to Jun 2024