Cavco Industries Announces Major Expansion to Fort Worth, Texas Production Facility
22 Juli 2021 - 2:00PM
Addressing the rising demand for high-quality affordable
manufactured homes, Cavco Industries, Inc. (Nasdaq: CVCO) today
announced the completed expansion of its Palm Harbor Homes
production facility in Fort Worth, Texas. The new building,
completed in July 2021, allows for six additional stations for
tape-and-texture (T&T) wall production in the facility’s main
building and adds 22,400 sq. ft. for frame build, frame paint,
floor build and decking. The expansion addresses a major market
shift based on consumer demand for tape-and-texture walls.
“The timing of this expansion to our production
footprint could not be better,” said Bill Boor, President and Chief
Executive Officer at Cavco Industries. “At a time when demand for
our homes is very high, we will now be able to build more with an
improved capability to respond to changing customer trends.
Increasing production capacity, improving working conditions and
updating our homes are key to keeping up with the current demand,
and this addition checks all the boxes in helping us to achieve
that.”
Over the last few years, the manufactured home
industry has seen customer demand for tape-and-texture home
production increase. This expansion provides the basis to allow
tape-and-texture production at the facility to increase
significantly by adding six stations to the production line for
T&T – as well as include time needed for hand-laid floor tile.
Logistically, this will also favorably allow for wall-set,
rough-wire, back-panel and cabinet-set to be completed prior to
roof-set – and two additional line rolls for T&T dry time.
“These six additional stations for traditional
tape-and-texture walls and ceilings will be a real game-changer
toward addressing inefficiencies and improving our overall working
environment for our team members,” said Eric Fletemeyer, General
Manager of Cavco’s Fort Worth Palm Harbor Homes production
facility. “Our plant will enjoy increased output, less rework,
improved drying times, fewer delays and less defects – while
helping to create a highly efficient and employee-friendly
workplace. Of course, we are actively hiring for all construction
positions to fill these new construction lines and holding regular
open houses to work with anyone looking for employment as part of
our home building team.”
Parkway Construction & Architecture
(https://parkwayconstruction.com) provided integrated design-build
services for this expansion project. For more information on Cavco
Industries, visit cavco.com; for Palm Harbor Homes, visit
palmharbor.com. For employment information, visit
careers.cavco.com.
Click to tweet: .@cavcoindustries announces
major expansion to #FortWorth, Texas #manufacturedhome production
facility; #TapeandTexture. Learn more at
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Media ContactWallace
CampbellCommunications DirectorCavco Industries,
Inc.602.283.9027wallace.campbell@cavco.com
About Cavco Industries,
Inc.Cavco Industries, Inc., headquartered in Phoenix,
Arizona, designs and produces factory-built housing products
primarily distributed through a network of independent and
Company-owned retailers. We are one of the largest producers of
manufactured homes in the United States, based on reported
wholesale shipments and marketed under a variety of brand names
including Cavco, Fleetwood, Palm Harbor, Fairmont, Friendship,
Chariot Eagle and Destiny. We are also a leading producer of park
model RVs, vacation cabins and systems-built commercial structures,
as well as modular homes. Cavco's finance subsidiary, CountryPlace
Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer
and a Ginnie Mae mortgage-backed securities issuer that offers
conforming mortgages, non-conforming mortgages and home-only loans
to purchasers of factory-built homes. Our insurance subsidiary,
Standard Casualty, provides property and casualty insurance to
owners of manufactured homes. Additional information about Cavco
can be found at https://www.cavco.com.
Forward-Looking Statements
Certain statements contained in this release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995. In general, all
statements that are not historical in nature are forward-looking.
Forward-looking statements are typically included, for example, in
discussions regarding the manufactured housing and site-built
housing industries; our financial performance and operating
results; and the expected effect of certain risks and uncertainties
on our business, financial condition and results of operations. All
forward-looking statements are subject to risks and uncertainties,
many of which are beyond our control. As a result, our actual
results or performance may differ materially from anticipated
results or performance. Factors that could cause such differences
to occur include, but are not limited to: the impact of local or
national emergencies including the COVID-19 pandemic, including
such impacts from state and federal regulatory action that
restricts our ability to operate our business in the ordinary
course and impacts on (i) customer demand and the availability of
financing for our products, (ii) our supply chain and the
availability of raw materials for the manufacture of our products,
(iii) the availability of labor and the health and safety of our
workforce and (iv) our liquidity and access to the capital markets;
labor shortages and the pricing and availability of raw materials;
our ability to successfully integrate past acquisitions or future
acquisitions and the ability to attain the anticipated benefits of
such acquisitions; the risk that any past or future acquisition may
adversely impact our liquidity; involvement in vertically
integrated lines of business, including manufactured housing
consumer finance, commercial finance and insurance; information
technology failures or cyber incidents; our participation in
certain wholesale and retail financing programs for the purchase of
our products by industry distributors and consumers, which may
expose us to additional risk of credit loss; significant warranty
and construction defect claims; our contingent repurchase
obligations related to wholesale financing; a write-off of all or
part of our goodwill; our ability to maintain relationships with
independent distributors; our business and operations being
concentrated in certain geographic regions; governmental and
regulatory disruption, including federal government shutdowns;
curtailment of available financing from home-only lenders;
availability of wholesale financing and limited floor plan lenders;
market forces and housing demand fluctuations; the cyclical and
seasonal nature of our business; competition; general deterioration
in economic conditions and turmoil in the credit markets;
unfavorable zoning ordinances; extensive regulation affecting
manufactured housing; potential financial impact on the Company
from the subpoenas we received from the SEC and its ongoing
investigation, including the risk of potential litigation or
regulatory action, and costs and expenses arising from the SEC
subpoenas and investigation and the events described in or covered
by the SEC subpoenas and investigation, which include the Company's
indemnification obligations and insurance costs regarding such
matters, and potential reputational damage that the Company may
suffer; losses not covered by our director and officer insurance,
which may be large, adversely impacting financial performance; loss
of any of our executive officers; net losses were incurred in
certain prior periods and our ability to generate income in the
future; liquidity and ability to raise capital may be limited;
organizational document provisions delaying or making a change in
control more difficult; volatility of stock price; together with
all of the other risks described in our filings with the SEC.
Readers are specifically referred to the Risk Factors described in
Item 1A of the 2021 Form 10-K, as may be amended from time to time,
which identify important risks that could cause actual results to
differ from those contained in the forward-looking statements.
Cavco expressly disclaims any obligation to update any
forward-looking statements contained in this release, whether as a
result of new information, future events or otherwise. Investors
should not place undue reliance on any such forward-looking
statements.
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