PulteGroup

PulteGroup, Inc.
Public company
Traded as NYSE: PHM
S&P 500 Index component
Industry Home construction
Founded 1950 (1950)
Founder Bill Pulte
Headquarters Atlanta, Georgia, United States
Key people
 Ryan R. Marshall, CEO & President
G. Robert T. O'Shaughnessy, CFO[1]
Production output
 19,951 new home deliveries[1]
Revenue Increase $7.668 billion (2016)[1]
Increase $0.602 billion (2016)[1]
Total assets Increase $10.178 billion (2016)[1]
Total equity Increase 4.659 billion (2016)[1]
Number of employees
 8,335 (2016)[1]
Website www.pultegroupinc.com

PulteGroup, Inc. is a home construction company based in Atlanta, Georgia, United States. In 2016, the company was the 3rd largest home construction company in the United States, based on the number of homes closed.[2] The company is ranked 353rd on the Fortune 500.[3] The company operates in 49 markets in 25 states.[1]

History

In 1950, when he was 18 years old, Bill Pulte began building and selling houses.[4] In 1956, the company was formed.[1] It was based in Bloomfield Hills, Michigan.[4]

In 1972, the company became a public company via an initial public offering.

In 1998, the company acquired Divosta for an estimated $150 million.[5] The company also acquired Radnor Homes.[6]

In 2001, the company acquired the Del E. Webb Construction Company, founded by Del Webb, for $1.8 billion.[7]

In 2003, the company acquired Sivage-Thomas Homes.[8]

In 2009, the company acquired Centex for $1.3 billion in stock.[9][10]

In May 2013, the company moved its headquarters to Atlanta.[11]

In August 2014, the company acquired the real estate assets of Dominion Homes for $82 million.[12]

In January 2016, the company acquired certain assets of John Wieland Homes and Neighborhoods for $430.5 million in cash.[13]

In September 2016, Ryan Marshall was appointed CEO, replacing Richard Dugas Jr., who was retiring.[14]

Criticism

On March 26, 2009, Building Justice,[15] a project of the International Union of Painters and the Sheet Metal Workers International Association, with support from the AFL-CIO, released the report of a survey of 872 Pulte and Del Webb home owners in Arizona, Nevada, and California in which 63% of respondents reported construction defects in their homes. The report "Poorly Built by Pulte, No Different at Del Webb: Homeowner Dissatisfaction in Arizona, Nevada and California" was published on the project's website.[16]

In May 2007, during a protest at a Pulte Homes construction site, an employee used a water truck owned by the company to repeatedly assault a group of workers picketing outside a home with a high pressure water hose.[17] On June 20, 2007, a video of the incident was posted on YouTube.[18]

References

  1. 1 2 3 4 5 6 7 8 9 "PulteGroup, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "The Top 100: 2017". builderonline.com.
  3. ↑ "Fortune 500: Lennar". Fortune.
  4. 1 2 SZCZESNY, JOSEPH (February 16, 2010). "Founder of Pulte Homes resigns after 60 years". The Oakland Press.
  5. ↑ "Pulte Expands Southeast Operations By Buying Divosta". Bloomberg News. The New York Times. July 2, 1998.
  6. ↑ "Radnor Homes sold". American City Business Journals. May 27, 1998.
  7. ↑ Umberger, Mary (May 2, 2001). "Pulte Homes to buy rival Del Webb for $1.8 billion". Chicago Tribune.
  8. ↑ "Pulte buys Sivage-Thomas Homes". American City Business Journals. July 2, 2003.
  9. ↑ "Pulte Homes and Centex Shareholders Overwhelmingly Approve Merger" (Press release). Business Wire. August 18, 2009.
  10. ↑ Clifford, Catherine (April 8, 2009). "Pulte Homes in $3.1 billion merger". CNNMoney.
  11. ↑ "Deal: PulteGroup to move corporate headquarters to Georgia" (Press release). Nathan Deal. May 31, 2013.
  12. ↑ "PulteGroup Acquires Real Estate Assets Of Dominion Homes" (Press release). PRNewswire. August 25, 2014.
  13. ↑ "PulteGroup Completes Acquisition of Certain Homebuilding Assets of John Wieland Homes and Neighborhoods" (Press release). PRNewswire. January 15, 2016.
  14. ↑ "PulteGroup Names Ryan Marshall Chief Executive Officer" (Press release). Nathan Deal. September 8, 2016.
  15. ↑ Building Justice Campaign website, retrieved 2007-06-22
  16. ↑ "Poorly Built by Pulte Homes". 2012-03-09. Archived from the original on 2012-03-09. Retrieved 2018-03-22.
  17. ↑ Callner, Amy, Workers Get Soaked By Pulte Homes!, retrieved 2007-06-22
  18. ↑ AFL-CIO. Workers Get Soaked by Pulte Homes! (YouTube video). AFLCIONow. Retrieved June 20, 2007.
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