ELKHART, Ind. — Skyline Corporation and Champion Enterprises Holdings, the parent company of Champion Home Builders, announced the closing of the previously announced combination of their operations. The combined company will now operate as Skyline Champion Corporation and its common stock will trade on the New York Stock Exchange under the ticker symbol “SKY.” Skyline had previously traded on the NYSE American exchange under the same ticker symbol.
“We are very excited to close the transaction and look forward to operating as Skyline Champion Corporation,” said Keith Anderson, Skyline Champion’s chief executive officer. “Skyline Champion is now the largest independent publicly traded factory-built housing company in the United States with combined revenue of more than $1.3 billion. The increased size and scale, coupled with a strong balance sheet and significant cash flow generation capability, has us well positioned to execute our long term growth strategy.”
“There is a tremendous opportunity for Skyline Champion to take advantage of the attractive market dynamics in the industry given our broader geographic footprint across North America and our enhanced product offering. We will remain committed to providing quality products and outstanding customer service as we focus on executing our strategy on our newly enhanced platform.”
“As we integrate the businesses, we continue to expect to achieve synergies of approximately $10 to $15 million, primarily driven by direct cost savings, reduced overhead costs and operational improvement opportunities. Additional synergies are expected through cross-selling and distribution optimization through the combined company’s owned and independent dealer network.”
“The complementary cultures and shared values of our legacy businesses are evident in the deep commitment to providing solutions to customers and delivering a broad range of quality products and value-added services. I am confident that this will translate into future success of Skyline Champion.”
“I would like to thank the employees of both Skyline Corporation and Champion for all the hard work and cooperation during the past few months and look forward to the success of our new unified family of Skyline Champion Corporation.”
In conjunction with the closing of the transaction, Skyline issued approximately 47.8 million shares to Champion, representing 84.5% of the common stock of the combined company on a fully-diluted basis. Skyline also declared a special cash dividend of $0.62381 per share of Skyline’s common stock that was paid on May 31, 2018 to Skyline’s shareholders of record at the close of business on May 25.
SOURCE: Skyline press release