Pulte Homes (NYSE: PHM) announced today that it has entered into an exclusive housewrap supply agreement with The Dow Chemical Company (NYSE: DOW). Under the three-year agreement, STYROFOAM* WEATHERMATE* Plus housewrap from Dow will be installed on all Pulte homes requiring housewrap. Depending upon mix of homes delivered by Pulte over the next three years, the product could be installed on 100,000 homes or more. Financial details of the agreement were not disclosed.
The agreement between two of Michigan's largest public companies marks the first national product agreement for Pulte Homes as part of the Company's simplification initiative focused on driving greater construction efficiencies. Through simplification and related activities involving floor plans, product specifications and balanced production, Pulte has identified opportunities to provide greater value and quality to its homebuyers, to reduce costs and to help ensure timely production.
"This agreement is the first under our simplification initiative designed to streamline our operations and leverage our national construction volumes," said Steven C. Petruska, Executive Vice President and COO of Pulte Homes. "In partnering with Dow, an industry leader with over 60 years of building products experience, we expand an existing relationship with a company that has demonstrated a commitment to high product quality and customer satisfaction and are confident that our homebuyers will appreciate the benefits the Dow housewrap provides."
"Dow shares a vision with Pulte Homes to continually develop innovative energy conservation and moisture management solutions that help improve and protect consumers single largest investment, their home," said Kostas Katsoglou, Vice President, Dow Building & Construction. "This excellent endorsement of STYROFOAM WEATHERMATE Plus housewrap is based on credible building science, strong brand leadership and overall product performance. And, it extends an already successful Dow/Pulte relationship."
About Pulte Homes
Pulte Homes, Inc., (NYSE: PHM), based in Bloomfield Hills, Mich., is a FORTUNE 200 company with operations in 54 markets and 28 states. In 2004, the company closed 38,612 domestic home sales and generated total revenues of $11.7 billion. During its 55-year history, the company has constructed more than 408,000 homes. In 2004, J.D. Power and Associates named Pulte the inaugural recipient of its Platinum Award for Excellence in Customer Service among America's leading homebuilders. J.D. Power ranked Pulte No. 1 in 14 markets, and among the top three in 23 of 25 markets surveyed. Under its Del Webb brand, Pulte is the nation's largest builder of active adult communities for people age 55 and better. Its DiVosta operation is nationally recognized for a proprietary building system that has delivered more than 25,000 "Built Solid" homes in Florida since 1960. Pulte Mortgage LLC is a nationwide lender and offers Pulte customers a wide variety of loan products and superior customer service.
About Dow
Dow is a leader in science and technology, providing innovative chemical, plastic and agriculturalproducts and services to many essential consumer markets. With annual sales of $40 billion, Dow serves customers in 175 countries and a wide range of markets that are vital to human progress: food, transportation, health and medicine, personal and home care, and building and construction, among others. Committed to the principles of sustainable development, Dow and its 43,000 employees seek to balance economic, environmental and social responsibilities. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
