PulteGroup

PulteGroup, Inc. (previously known as Pulte Homes) is a home construction company based in Atlanta, Georgia, United States. The company is the 3rd largest home construction company in the United States based on the number of homes closed.[2]

PulteGroup, Inc.
TypePublic company
NYSE: PHM
S&P 500 Index component
IndustryHome construction
Founded1956 (1956)
FounderBill Pulte
HeadquartersAtlanta, Georgia, United States
Key people
 Ryan R. Marshall, CEO & President
G. Robert T. O'Shaughnessy, CFO
Production output
23,107 new home deliveries
Revenue $9.983 billion (2018)
$1.022 billion (2018)
Total assets $10.173 billion (2018)
Total equity 4.818 billion (2018)
Number of employees
5,086 (2018)
Websitepultegroupinc.com
Footnotes / references
[1]

The company operates in 44 markets in 23 states.[1] It is ranked 312th on the Fortune 500.[3]

History

In 1950, when he was 18 years old, Bill Pulte began building and selling houses.[4] In 1956, the company was formed.[1] It was based in Bloomfield Hills, Michigan.[4] In 1972, the company became a public company via an initial public offering. In 1998, PulteGroup acquired Divosta for an estimated $150 million.[5] The company also acquired Radnor Homes.[6] In 2001, the company acquired Del E. Webb Construction Company, founded by Del Webb, for $1.8 billion.[7] In 2003, the company acquired Sivage-Thomas Homes.[8] In 2009, Pulte Group acquired Centex for $1.3 billion in stock.[9][10] The company moved its headquarters to Atlanta, Georgia in 2014.[11] In 2016, Ryan Marshall became president and CEO of the company.[12] In April 2019, the company acquired the homebuilding operations of American West Homes for $150 million.[13]

 PulteGroup 
 
 
 
 
 
 
 
 
Company formed by Bill Pulte 1956
 
 
 
 
 
 

Initial public offering
1972

 
 
 
 
 

Divosta[5]
1998

 
 
 
 
 

Radnor Homes[6]
1998

 
 
 
 
 

Del Webb Construction Company[7]
2001

 
 
 
 
 

Sivage-Thomas Homes[8]
2003

 
 
 
 
 

Centex[9][10]
2009

 
 
 
 
 

John Wieland Homes and Neighborhoods[14]
2016

 
 
 
 
 

American West Homes[13]
2019

 
 
 

Criticism

Assault of union workers by another employee

In May 2007, during a protest at a Pulte Homes construction site, an employee used a water truck owned by the company to repeatedly assault a group of union workers picketing outside a home with a high pressure water hose.[15][16]

Construction defects reported in customer survey

In 2008, Building Justice, a project of the International Union of Painters and Allied Trades and the Sheet Metal Workers' International Association, with support from the AFL–CIO, published a survey titled "Poorly Built by Pulte, No Different at Del Webb: Homeowner Dissatisfaction in Arizona, Nevada and California", in which 63% of the 872 Pulte and Del Webb home owners in Arizona, Nevada, and California that responded to the survey reported construction defects in their homes.[17]

Dismissed lawsuit regarding propping up sale prices

In October 2009, a class action lawsuit was filed by Steve Berman accusing the company of artificially propping up house sales prices and contributing to the United States housing bubble. The lawsuit was dismissed by the court.[18]

References
  1. "PULTEGROUP, INC. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "The Top 100". Hanley Wood.
  3. "Fortune 500: PulteGroup". Fortune.
  4. Szczesny, Joseph (February 16, 2010). "Founder of Pulte Homes resigns after 60 years". The Oakland Press.
  5. "Pulte Expands Southeast Operations By Buying Divosta". The New York Times. Bloomberg News. July 2, 1998.
  6. "Radnor Homes sold". American City Business Journals. May 27, 1998.
  7. Umberger, Mary (May 2, 2001). "Pulte Homes to buy rival Del Webb for $1.8 billion". Chicago Tribune.
  8. "Pulte buys Sivage-Thomas Homes". American City Business Journals. July 2, 2003.
  9. "Pulte Homes and Centex Shareholders Overwhelmingly Approve Merger" (Press release). Business Wire. August 18, 2009.
  10. Clifford, Catherine (April 8, 2009). "Pulte Homes in $3.1 billion merger". CNN.
  11. Whelan, Robbie (May 30, 2013). "PulteGroup to Move Headquarters to Atlanta". The Wall Street Journal.
  12. Krantz, Matt (September 8, 2016). "PulteGroup appoints Ryan Marshall as new CEO". USA Today.
  13. Segall, Eli (April 29, 2019). "Las Vegas developer Larry Canarelli sells homebuilding operations". Las Vegas Review-Journal.
  14. "PulteGroup Completes Acquisition of Certain Homebuilding Assets of John Wieland Homes and Neighborhoods" (Press release). PRNewswire. January 15, 2016.
  15. Taylor, Ed (June 22, 2007). "Union says its picketers get doused at Pulte construction sites". East Valley Tribune.
  16. Olick, Diana (June 22, 2007). "YouTube Video: Pulte Soaks Workers As Tempers Flare". CNBC.
  17. "Homeowners Survey Reports Construction Defects In Pulte And Del Webb Built Homes". KOLD-TV. January 25, 2008.
  18. Caulfield, John (February 23, 2010). "California court dismisses class action lawsuit against Pulte Homes". Hanley Wood.
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