KB Home Buys Midwestern Homebuilder

Los Angeles, CA, Jun. 8--Furthering the company's Midwest expansion, KB Home reported Tuesday it acquired privately held Dura Builders Inc., an Indianapolis-based homebuilder with 2003 revenues of more than $75 million. Financial terms of the agreement weren't disclosed. KB Home, one of the nation's largest homebuilders, said Dura Builders founder and president Paul Shoopman will be president of KB Home's newly formed Indiana division. KB Home regional general manager Glen Barnard will oversee the new division, in addition to his current responsibilities for the company's Colorado, Illinois and New Mexico operations. KB chairman and chief executive Bruce Karatz said, "This move will bolster KB Home's position in the fast-growing Midwest region of the United States--a market we entered in September 2003 with the acquisition of Chicago-based Zale Homes."