WESTLAKE VILLAGE, CA and IRVINE, CA -- The Ryland Group, Inc. and Standard Pacific Corp. (SPF) jointly announced CalAtlantic Group, Inc. as the name of the company that will be formed when their previously announced merger is complete. The proposed merger, which was announced on June 14, is subject to approval by the stockholders of the Company and Ryland and other customary closing conditions, and is expected to close in early fall 2015. In addition to the name CalAtlantic Group, Inc., the combined company will be identified to consumers as CalAtlantic Homes, CalAtlantic Mortgage, CalAtlantic Title and CalAtlantic Insurance. The new company will be traded on the New York Stock Exchange under the ticker symbol CAA.
"A new name reflects a new chapter in the history of our two iconic homebuilding companies. The CalAtlantic Homes name points to the breadth of the new company's footprint expanding from coast to coast and all points in between," said Ryland President and Chief Executive Officer Larry Nicholson. "With similar cultures and long histories of crafting quality homes and providing superior customer service, we share a nearly 100-year combined legacy of excellence."
"The launch of the new CalAtlantic Homes name is a defining moment as we look forward with anticipation to what our combined organization can achieve as America's fourth largest homebuilder," said Standard Pacific President and Chief Executive Officer Scott Stowell. "We are excited to become one as CalAtlantic Homes in the hearts and minds of our important stakeholders, including our customers, employees and investors."
About Ryland Homes
Headquartered in Southern California, Ryland (RYL) is one of the nation's largest homebuilders and a leading mortgage-finance company. Since its founding in 1967, Ryland has built more than 315,000 homes and financed more than 260,000 mortgages. Ryland currently operates in 17 states across the country. For more information, please visit www.ryland.com.