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| KB Home Enters Midwest with Acquisition of Chicago’s Zale Homes |
| LOS ANGELES (September 5, 2003) – Today, KB Home (NYSE: KBH) announced it has acquired substantially all of the homebuilding assets of Chicago-based Zale Homes for approximately $33 million, including the assumption of debt. In 2002, privately-held Zale delivered 302 homes and achieved revenues of approximately $106 million. |
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| “Chicago is the largest new-home market outside the Sunbelt, with single family permits exceeding 25,000 for each of the past five years and reaching 30,410 in 2002,” said KB Home Chairman and CEO Bruce Karatz. “Chicago’s position as the number one new home market in the Midwest makes it the right fit for KB Home and a strong platform for growth in the region.” "KB Home was the ideal choice to bring the Zale operations to the next level,” said company founder Ed Zale. “Our two companies share a commitment to helping American families realize the dream of homeownership.” KB Home is one of America’s largest homebuilders with domestic operating divisions in Arizona, California, Colorado, Florida, Georgia, Illinois, Nevada, New Mexico, North Carolina and Texas. Kaufman & Broad S.A., the Company’s majority-owned subsidiary, is one of the largest homebuilders in France. In fiscal 2002, the Company delivered 25,565 homes in the United States and France. It also operates KB Home Mortgage Company, a full-service mortgage company for the convenience of its buyers. Founded in 1957, KB Home is a Fortune 500 company listed on the New York Stock Exchange under the ticker symbol “KBH.” For more information about any of KB Home’s new home communities, call 1-888-KB-HOMES or visit www.kbhome.com. FOR IMMEDIATE RELEASE
For further information contact:
Debra Hotaling/media
(310) 231-4015, cell: (310) 292-7538
dhotaling@kbhome.com Jim Gonzalez/investor relations
(310) 231-4033
jagonzalez@kbhome.com
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