Report Indicates Fate of Manufacturing Plants from Potential Merger Unknown

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.

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