BMHC Launches Construction Services Joint Venture in Mid-Atlantic Region
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Company Acquires Majority Interest in Residential Framing Business
BMC Construction, a wholly owned subsidiary of Building Materials Holding Corporation , has established a joint venture construction business that serves high-volume production builders in Virginia, Maryland and Delaware. The new business unit, WBC -- Mid Atlantic, LLC, is a joint venture between BMC Construction and ANM Carpentry, Inc., a privately held firm based in Stafford, Virginia, and its owners Alan and Enid Mendleson. The unit will conduct business as "WBC -- A BMC Construction Company."
ANM framed approximately 3,000 units in 2002 for single- and multi-family production homebuilders in the greater Baltimore - Washington area. Alan Mendleson founded the company in 1990, building on over 20 years of framing experience. ANM currently does business with more than 25 production homebuilders.
Robert E. Mellor, Chairman, President and Chief Executive Officer of BMHC, said, "The Washington D.C. metropolitan area issued the 3rd largest number of single-family building permits in 2002 and is the 4th largest homebuilding market in the US, according to the Meyers Group. Permit activity in this market has been strong and stable due to government and related employment, a solid core of high-tech and telecommunication businesses, and a diversified local economy.
"This joint venture furthers a key business objective, which is to increase penetration of our construction services provided to high-volume production homebuilders in attractive geographic markets. We are pleased to launch operations in the Mid-Atlantic region through our partnership with ANM Carpentry, Inc., and begin serving this important homebuilding market."
Alan Mendleson, founder of ANM and president of WBC-Mid Atlantic, stated, "We believe this joint venture will enable us to fulfill our goal of expanding our business and service offerings to this solid homebuilding market by capitalizing on the financial strength, staying power and labor management expertise and reputation of BMHC."
About BMHC
Building Materials Holding Corporation invests in the residential construction industry. Through its subsidiaries BMC Construction, Inc., and BMC West Corporation, BMHC is the largest contract construction services company in the United States. The Company specializes in providing construction and installation services, component manufacturing and high- quality building materials to residential builders and contractors from coast to coast. Keys to BMHC's growth strategy are increasing construction services to production homebuilders and entry into attractive geographic markets.
Business Risks and Forward-Looking Statements
Certain statements made in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of BMHC, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks or uncertainties may include, but are not limited to changes in costs of materials sold; changes in selling prices; competition within the construction services and building materials industry; changes in economic conditions and interest rates; integration of acquired businesses; increases in costs of raw materials and labor; retention of key management personnel; consumer confidence; household and job formation; government regulation; and general economic, business and competitive factors, all or each of which may cause actual results to differ from the statements made in this press release. These risks and uncertainties are discussed in detail in Building Materials Holding Corporation's Form 10-K for the fiscal year ended December 31, 2002. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. BMHC disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements contained in the Annual Report on Form 10-K or this news release.
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