PulteGroup

PulteGroup, Inc. 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] In total, the company has built over 775,000 homes.[1]

PulteGroup, Inc.
TypePublic company
NYSE: PHM
S&P 500 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
28,894 new home deliveries
Revenue $13.926 billion (2021)
$1.946 billion (2021)
Total assets $11.658 billion (2021)
Total equity $7.489 billion (2021)
Number of employees
6,182 (2021)
Websitepultegroupinc.com
Footnotes / references
[1]

The company operates in 44 markets in 23 states.[1] In 2021, it ranked 284th on the Fortune 500.[3]

History

In 1950, Bill Pulte, who was 18 years old, began building and selling houses.[4] In 1956, the company was formed[1] and 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 changed its name from Pulte Homes, Inc. to PulteGroup, Inc. in March 2010. 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

Stucco defects in Florida homes

In 2019, after an investigation by Florida Attorney General Ashley Moody, Pulte agreed to pay $4.7 million in restitution and make repairs to houses it sold in Florida that had cracks in stucco applied to a wood frame, stucco delamination, and improper installation of weep screed.[15][16]

References
  1. "PULTEGROUP, INC. 2021 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. Wille, Chris (February 19, 2019). "Relief for Pulte homeowners". Sarasota Herald-Tribune.
  16. Brown, Angela (January 30, 2019). "Sun City lawsuit settlement won't do "diddly squat," homeowners say". WCIV.
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