Saturday, February 03, 2001
Zaring and Drees make union final
By Jeff McKinney
The Cincinnati Enquirer
Two of the Tristate's largest home builders are finally married.
The Drees Co. has completed its acquisition of Zaring National Corp., bringing together Greater Cincinnati's largest and third-largest home builders.
The companies said Friday that Drees has received shareholder regulatory approval to buy all assets of Zaring in its Cincinnati, Indianapolis and Nashville, Tenn., markets at book value.
Financial terms were not disclosed.
Drees also bought Zaring's trade name, trademarks and home plans and will operate in those markets as Zaring Premier, a Drees unit.
Drees also bought Zaring's operations in Raleigh, N.C., and has merged that operation with Drees' existing North Carolina unit.
Drees is the nation's 37th-largest home builder. It builds 2,000 homes nationally and about 830 locally a year. Zaring is the nation's 44th-largest home builder, building about 1,000 nationally and 300 locally.
The merger will make Drees one of the nation's 25 largest home builders based on revenues. Drees is expected to retain most of Zaring's 500 employees, including about 150 in the Tristate.
Efforts to reach executives from both companies Friday night were unsuccessful.
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