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Fleetwood Enterprises Inc. announced today (Aug. 10) that it has finalized the sale of the company’s manufactured housing financing and retail operations.
According to the Riverside, Calif., builder, substantially all of the manufactured housing loan portfolio of HomeOne Credit Corp. was sold July 29 to Vanderbilt Mortgage and Finance Inc., a division of Tennessee-based Clayton Homes Inc., for approximately $75 million.
Fleetwood is continuing discussions with parties interested in acquiring the other assets of HomeOne, including its insurance book and business platform.
On Aug. 5, two separate divisions of Clayton finalized the purchase of substantially all of the operating assets of Fleetwood’s manufactured housing retail operations, including 121 Fleetwood-operated stores, for $74 million.
As a result of the transactions, Fleetwood has reduced its work force by nearly 550 people, or more than 4%, since the end of the company’s fiscal year in April.
“We are pleased that these transactions were accomplished quickly, and our Housing Group can now concentrate fully on designing, manufacturing and wholesaling affordable homes,” Fleetwood’s CEO Elden Smith said. “We have an outstanding relationship with Clayton, which is an excellent, well-established Fleetwood customer through its retail distribution network.”
The move is part of an extensive restructuring plan instituted when Smith came out of retirement and replaced Ed Caudill in March.