Building Materials Holding Corp. Discontinues SelectBuild Florida Operations

Building Materials Holding Corp., San Francisco, CA, will discontinue operations at its wholly-owned subsidiary SelectBuild Florida over the next four months in an effort to better align costs with current market conditions.
 
The move comes a week after BMHC announced it was out of compliance with financial covenants for its current credit facility.
 
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 COO. "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."
 
This action affects 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.
 
BMHC is a provider of building materials and construction services to professional residential builders and contractors.