Centex's intent with the sale was to drive its focus back tocore homebuilding operations. Centex, founded in 1950, has builtmore than 39,000 homes in 25 states, running the gamut from singlefamily to destination properties like condos.
Balfour also intends to keep the management team in place,Robert Van Cleave, chairman and CEO of the construction operation,previously told GlobeSt.com. In Centex's SEC filing, the$362-million sale calls for a $60-million additional cash paymentto be made in $4-million annual installments for a 15-year periodafter the closing. Also, as a result of pre-closing terms, Centexestimated it will be required to make net payments of nearly $265million to the construction services division.
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