Rollins Agrees to Purchase Hometeam Pest Defense from Centex
Exhibit 99.2
Xxxxxxx
Agrees to Purchase Hometeam Pest Defense from Centex
ATLANTA
& DALLAS, MARCH 31, 2008 —Xxxxxxx, Inc. (NYSE: ROL) has entered into a definitive purchase
agreement with subsidiaries of Centex Corporation (NYSE: CTX) to acquire, through the purchase of
assets, its pest control business, HomeTeam Pest Defense. The purchase price will be paid in cash
and is expected to be approximately $137 million. The closing of the transaction is expected in
early April, subject to the satisfaction of customary conditions.
Xxxxxxx plans to operate HomeTeam separately, along with its other wholly owned pest
management subsidiaries: Orkin, PCO Services, Western Pest Services and The Industrial Fumigant
Company.
HomeTeam has 50 offices in 13 states and is the nation’s third largest residential pest
management company and performs services for approximately 400,000 customers coast to coast.
Founded in 1996, the company works with over 1,000 builder partners and currently performs more
than 1 million pest control services a year. HomeTeam has emerged as a leader in pest management
based heavily on its innovation of Taexx®, HomeTeam’s built-in pest defense system
installed in tens of thousands of new homes each year.
“We
are most pleased to have entered into this agreement with Centex,” said Xxxx Xxxxxxx,
president and chief executive officer of Xxxxxxx, Inc. “This acquisition provides significant
opportunity for Xxxxxxx to leverage HomeTeam’s proprietary technology and new home marketing
expertise to more markets throughout the U.S. The purchase of HomeTeam will provide us with an
entry into a new business channel, and provide our company a meaningful opportunity for longer term
growth. HomeTeam has built a valuable business enterprise and a loyal customer base, which speaks
well for their commitment to service. We look forward to working with HomeTeam’s president, Xxx
Xxxxxx, and his great team of professionals. Xxxxxxx will benefit from their talent and
experience.”
“This transaction is good for HomeTeam and good for Centex,” said Xxxxxxx X. Xxxxx, chairman
and chief executive officer of Centex. “HomeTeam is now aligned with one of the premier pest
management companies in North America and has access to additional markets for growth. This
transaction is good for Centex because it further sharpens our focus on our primary business of
homebuilding and generates cash that can be applied to homebuilding initiatives.”
-more-
Xxxxxxx/Centex, Page 2 of 2
About Xxxxxxx
Xxxxxxx, Inc. is a premier North American consumer and commercial services company. Through its
wholly owned subsidiaries, Orkin, Inc., PCO Services, Western Pest Services, and The Industrial
Fumigant Company, the Company provides essential pest control services and protection against
termite damage, rodents and insects to approximately 1.7 million customers in the United States,
Canada, Mexico, Central America, the Caribbean, the Middle East and Asia from over 400 locations.
You can learn more about our subsidiaries by visiting our Web sites at xxx.xxxxx.xxx,
xxx.xxxxxxxxxxx.xxx, xxx.xxxxxxxx.xxx and xxx.xxxxxxx.xxx. You can also find this and other news
releases at xxx.xxxxxxx.xxx by accessing the news releases button.
About Centex
Dallas-based Centex, founded in 1950, is one of the nation’s leading home building companies. Its
leading brands include Centex Homes, Fox & Xxxxxx Homes and CityHomes. Centex’s core business units
include home building operations and mortgage, title and insurance services. Centex has ranked
among the top three homebuilders on FORTUNE magazine’s “Most Admired Companies in America” for nine
straight years and leads the industry for quality and customer satisfaction.
Caution Concerning Forward-Looking Statements
This release contains statements that constitute “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the
expected time to close the transaction; the Company’s belief that the acquisition provides
significant opportunity for Xxxxxxx to leverage HomeTeam’s proprietary technology and new home
marketing expertise to more markets throughout the U.S.; and the purchase of HomeTeam will provide
the Company with an entry into a new business channel and provide the Company a meaningful
opportunity for longer-term growth. The actual results of the Company could differ materially from
those indicated by the forward-looking statements because of various risks and uncertainties,
including without limitation, general economic conditions; market risk; changes in industry
practices or technologies; the degree of success of the Company’s pest and termite process reforms
and pest control selling and treatment methods; the Company’s ability to identify and integrate
potential acquisitions; climate and weather trends; competitive factors and pricing practices;
expected benefits of the commercial re-engineering project may not be realized; potential increases
in labor costs; uncertainties of litigation; and changes in various government laws and
regulations, including environmental regulations. All of the foregoing risks and uncertainties are
beyond the ability of the Company to control, and in many cases the Company cannot predict the
risks and uncertainties that could cause its actual results to differ materially from those
indicated by the forward-looking statements. A more detailed discussion of potential risks facing
the Company can be found in the Company’s Report on Form 10-K filed with the Securities and
Exchange Commission for the year ended December 31, 2007.
###
Contact:
Xxxxxxx Inc.
Xxxxx X. Xxxxxx, 000-000-0000
or
Centex Corp.
Analysts:
Xxxxxxx X. Xxxxx, 000-000-0000
or
Media Relations:
Xxxx X. Xxxxxx, 000-000-0000
Xxxxxxx Inc.
Xxxxx X. Xxxxxx, 000-000-0000
or
Centex Corp.
Analysts:
Xxxxxxx X. Xxxxx, 000-000-0000
or
Media Relations:
Xxxx X. Xxxxxx, 000-000-0000