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Cavco Industries Announces Major Expansion of Its Fort Worth, Texas Production Plant | Cavco Industries, Inc.


A new exterior building will allow the factory to significantly increase its production to meet the growing demand for prefabricated houses

PHOENIX – Meet the growing demand for affordable high quality prefabricated houses, Cavco Industries, Inc. (Nasdaq: CVCO) today announced the completion of the expansion of its Palm Harbor Homes production site at Fort Worth, Texas. The new building, completed in July 2021, allows six additional stations for the production of Tape and Texture (T&T) walls in the main facility building and adds 22,400 square feet for frame construction, frame painting, floor construction and decking. The expansion responds to a major market shift based on consumer demand for striped and textured walls.

“The timing of this expansion of our production footprint couldn’t be better,” said Bill Boor, President and CEO of Cavco Industries. “At a time when demand for our homes is very high, we will now be able to build more with improved capacity to meet changing customer trends. Increasing production capacity, improving working conditions and updating our homes are essential to keep pace with current demand, and this addition ticks all the boxes to help us get there. “

In recent years, the manufactured home industry has seen customer demand for home production of tapes and textures increase. This expansion provides the basis to enable a significant increase in strip and texture production in the facility by adding six stations to the production line for T&T – as well as including the time required for floor tiles laid down. hand. From a logistics standpoint, this will also allow the wall assembly, raw wire, back panel and cabinet assembly to be favorably finished before the roof is installed – and two additional line rollers for the time of T&T drying.

“These six additional stations for traditional strip and textured walls and ceilings will be a real game-changer to address inefficiencies and improve our overall working environment for our team members,” said Eric Fletemeyer, Managing Director of Cavco Fort Worth Palm Harbor Houses factory. “Our factory will benefit from increased production, less rework, improved drying times, fewer delays and fewer defects – all helping to create a highly efficient and employee-friendly workplace. , we are actively recruiting for all construction positions to fill these new constructions and hold regular open houses to work with anyone seeking employment within our home construction team. “

Construction and architecture of walks (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 more employment information, visit careers.cavco.com.

Click to Tweet:. @ Cavcoindustries announces major expansion at #FortWorth, Texas # home production plant; #RubanetTexture. Learn more about https://investor.cavco.com/press/.

Media contact

Wallace campbell

Director of Communications

Cavco Industries, Inc.

602.283.9027

[email protected]

About Cavco Industries, Inc.

Cavco Industries, Inc., headquartered at Phoenix, Arizona, designs and manufactures prefabricated housing products primarily distributed through a network of independent and company-owned retailers. We are one of the largest manufacturers of prefabricated houses in United States, based on wholesale shipments reported and marketed under various brands including Cavco, Fleetwood, Palm Harbor, Fairmont, Friendship, Chariot Eagle and Destiny. We are also a leading producer of model park recreational vehicles, vacation cottages and commercial structures built on systems, as well as modular homes. the financial subsidiary of Cavco, CountryPlace mortgage, is an approved Fannie Mae and Freddie mac salesperson / repairer and a Ginnie Mae Mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and real estate loans only to buyers of manufactured 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 press 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 generally included, for example, in discussions regarding the manufactured home and built-in-place home 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. Therefore, our actual results or performance may differ materially from the anticipated results or performance. Factors that could cause such differences include, but are not limited to: the impact of local or national emergencies, including the COVID-19 pandemic, including the impacts of state and federal regulatory measures that limit 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 labor force and (iv) our liquidity and access to capital markets; labor shortages and the price and availability of raw materials; our ability to successfully integrate past or future acquisitions and the ability to obtain the expected benefits of such acquisitions; the risk that a past or future acquisition could have a negative impact on our liquidity; participation in vertically integrated industries, including financing of the consumption of prefabricated housing, commercial financing 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 loss of credit; significant warranty claims and construction defects; our contingent repurchase obligations related to wholesale funding; a write-off of all or part of our business; our ability to maintain relationships with independent distributors; our activities and operations being concentrated in certain geographic regions; government and regulatory disruptions, including federal government shutdowns; reduced funding available from residential lenders only; availability of wholesale financing and limited floor plan lenders; market forces and fluctuations in demand for housing; the cyclical and seasonal nature of our business; competetion; general deterioration of economic conditions and turbulence in credit markets; adverse zoning ordinances; extensive regulations affecting manufactured homes; the potential financial impact on the Company of the subpoenas we received from the SECOND and its ongoing investigation, including the risk of potential litigation or regulatory action, and the costs and expenses arising from the SECOND subpoenas and investigation and the events described or covered by the SECOND subpoenas and investigations, which include the Company’s indemnification obligations and insurance costs relating to these matters, and the potential damage to reputation the Company may suffer; losses not covered by our directors and officers insurance, which can be significant and have a negative impact on financial performance; the loss of one of our executive officers; net losses have been incurred in certain prior periods and our ability to generate income in the future; liquidity and the ability to raise capital may be limited; provisions of organizational documents delaying or making more difficult a change of control; volatility of stock prices; as well as all the other risks described in our documents filed with the SECOND. Readers are specifically referred to the risk factors described in Section 1A of Form 10-K 2021, as may be amended from time to time, which identify material risks that could cause actual results to differ from those contained in forward-looking statements. Cavco expressly disclaims any obligation to update any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise. Investors should not place undue reliance on these forward-looking statements. [embedded content]

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