ROLLINS AGREES TO PURCHASE HOMETEAM PEST DEFENSE FROM CENTEX
EXHIBIT
99.1
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-
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.
Centex Corp.
Contacts
Xxxxxxx X. Xxxxx, 000-000-0000
(Analysts)
Xxxx X. Xxxxxx, 000-000-0000
(Media)
Xxxxxxx Inc.
Contacts
Xxxxx X. Xxxxxx,
000-000-0000
