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"Our target is the $12 billion of flooring material and services annually consumed in new home construction," said Jim Stoddart, division president, Home Depot Supply. "Floors, Inc.; Arvada Hardwood Floor Company; and Floorworks, Inc.; are leaders in providing the turnkey flooring solutions top homebuilders are looking for. They manage the complete new-home flooring process, from helping the homebuilders' customer make flooring design choices to scheduling and overseeing the installation of flooring for entire housing developments. They have established a reputation for highly reliable, high quality services for homebuilders; something that we plan to build on."
The three companies have relationships with 17 of the top 20 homebuilders in the country, which upon completion of the acquisitions will instantly make Home Depot the largest turnkey supplier of flooring to the residential construction market. Floors, Inc. serves homebuilders in the Baltimore, Washington, D.C., Philadelphia, Cincinnati, Columbus, Cleveland, Louisville, Naples, and central New Jersey metropolitan areas. Arvada Hardwood Floor Company serves Denver and other Colorado metropolitan areas. Floorworks, Inc. serves Phoenix and other metropolitan areas in Arizona. All three companies operate showrooms and coordinate the complete supply chain through finished product installation.
Mark Fikse, currently Home Depot's vice president, strategic business development, will be named to the post of president of these combined businesses, which will report to Stoddart.
"This is a remarkable team of professionals, who have built a solid business based upon customer service and support, attributes that are well- aligned with Home Depot's culture," said Fikse. "I'm delighted that the leaders of all three companies, including Al Shields and Brian Whitehead from Floors, Jack Cook and Wendall Cook from Floorworks, and Willie Northrop and Craig Schoepke from Arvada, have agreed to stay on in their leadership roles. These three companies will provide the foundation to support future growth."
Speaking for the companies, Shields said: "We are thrilled to be joining the Home Depot family. We believe they are the perfect partners to help us expand and improve our growing operations. Together, we have the potential to bring even higher levels of service and capabilities to our customer base."
Founded in 1978, The Home Depot is the world's largest home improvement specialty retailer and the second largest retailer in the United States, with fiscal 2001 sales of $53.6 billion. The company employs approximately 296,000 associates and has 1,451 stores in 49 states, Puerto Rico, seven Canadian provinces, and Mexico. The company for the second year in a row was named sixth Most Admired Company in America by Fortune magazine, which has also ranked it as America's Most Admired Specialty Retailer for eight consecutive years. Its stock is traded on the New York Stock Exchange and is included in the Dow Jones Industrial Average and Standard & Poor's 500 Index.