Clayton Homes to Buy Karsten Homes

Knoxville, TN, June 28--Clayton Homes, a unit of Berkshire Hathaway, has signed a letter of intent to acquire Karsten Homes, a builder of manufactured homes. Karsten operates four manufacturing facilities. These facilities will integrate well with Clayton Homes facilities in the West, the Berkshire Hathaway unit said in a press release Monday. Clayton Homes is a manufactured housing company and has 32 manufacturing plants. Manufactured homes are built entirely in a factory and meet the specifications of a federal code. Karsten will be integrated into CMH Manufacturing Inc., the manufacturing group of Clayton Homes. The acquisition is expected to be completed within the next 60 days, subject to further due-diligence and the preparation of the definitive purchase agreement. Karsten management team will remain with the company in their present roles.

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