Mr. O'Brien: Pulte Homes was founded 52 years ago by Bill Pulte, our Founder. We've been building homes ever since. We're the most diversified homebuilder in the country. We're in 44 markets. We have international operations in Mexico, Argentina and Puerto Rico. We build homes to serve all of the major customer segments, including first time homebuyers, first and second time move ups and the active adult segment. And in the year just ended, 2001, we closed more homes than any other homebuilder, a record 30,000- plus with revenues of 5.4 billion. During the year just ended we completed a 1.7 billion merger with Del Webb. That was a significant event in 2001. And with the active adult homebuyer representing the fastest-growing market segment, this merger really solidifies our position in that active adult segment. Moreover, the merger transaction was designed to be accretive to the Pulte shareholders in 2002 and we believe it will.
TWST: Was that the prime rationale behind the merger ' moving more into
that active adult market?
Mr. O'Brien: It was certainly one of the driving forces. We also liked
their community development program and we clearly liked their brand and
their brand recognition among the active adult buyer.
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