| SAN FRANCISCO, CA -- Building Materials Holding Corporation, a leading provider of building materials and construction services to professional residential builders and contractors, announced it will discontinue operations at its wholly-owned subsidiary SelectBuild Florida over the next four months.
"In light of the challenging homebuilding environment, we recognize the need to realign our business across the country to reflect local conditions," said Stanley M. Wilson, President and Chief Operating Officer. "The closure of the SelectBuild Florida facilities is in direct response to the challenging business environment in Florida. The Florida market has weakened considerably and we anticipate it will be some time before improvement is seen. Housing starts in the Florida market have dropped from a peak of 265,000 in 2005 to only 99,000 in 2007 and an estimated 61,000 in 2008."
This action affects approximately 140 employees at SelectBuild Florida's shell, truss and stair operations throughout the state. SelectBuild intends to complete all construction in progress and fulfill all outstanding contractual obligations during a four month wind-down period.
"We thank all the employees of SelectBuild Florida for their long record of hard work and commitment to the Company. Today's announcement is by no means a reflection on the performance of our workforce; rather it is an unfortunate result of the current condition of Florida's construction marketplace," added Mr. Wilson.
To learn more about BMHC, visit www.bmhc.com |
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