NEW ORLEANS, Dec. 6 /PRNewswire-FirstCall/ -- KB HOME (NYSE: KBH), one of
the nation's premier homebuilders, and The Shaw Group Inc. (NYSE: SGR), a
world leader in engineering and construction, announced today the formation of
KB HOME/Shaw Louisiana LLC, a joint venture to build housing for Louisiana's
The joint venture will pursue the building of new homes in Louisiana with
the goal of providing permanent housing and increased economic development to
Louisiana in the aftermath of the two devastating hurricanes in the state. KB
HOME/Shaw Louisiana envisions this venture will generate a significant amount
of work in Louisiana over the next few years.
J. M. Bernhard, Chairman and Chief Executive Officer of Shaw, stated, "As
part of our continued commitment to the full restoration of Louisiana, we are
pleased to partner with KB Home to build quality residential homes in our
state. This is the first new residential construction program to be announced
in Louisiana since Hurricane Katrina came ashore. We believe that this is
very exciting news and an important milestone in the recovery of Louisiana.
This joint venture is designed to provide desperately needed new homes to
stricken areas and will attract a broad demographic range of homeowners, which
is vital to the recovery of our state. We are proud to partner with KB Home,
a homebuilder with an outstanding reputation for architectural innovation and
superior customer service to homebuyers. We welcome them to Louisiana."
"I'm extremely pleased that KB Home has joined forces with Shaw to assist
with the rebuilding of Louisiana," said KB Home Chairman and CEO Bruce Karatz.
"While there are substantial challenges ahead of us, we believe KB Home's
extensive experience in quality homebuilding, combined with the engineering
and construction expertise of The Shaw Group and their familiarity with their
home state of Louisiana, can make a significant and positive difference in
people's lives and bring people home to this great state."
Heading the joint venture from KB Home is New Orleans native and KB Home
veteran Steve Davis. As the Gulf Coast Region President, Davis' duties will
include overseeing land acquisition and development, construction, purchasing,
customer service, sales and marketing. A 21-year veteran of the homebuilding
industry, Davis was most recently KB Home's Regional General Manager for the
Southeast. He has also served as Phoenix division president and Arizona
regional general manager.
Representing Shaw in the joint venture management is David Landers, Vice
President of Shaw. Landers is a senior executive with Shaw, with 25 years of
broad business experience. A native of Louisiana, Landers has spent much of
his professional career in the state.
About KB Home
Building homes for nearly half a century, KB Home is one of America's
premier homebuilders with domestic operating divisions in some of the
fastest-growing regions and states: West Coast-California; Southwest-Arizona,
Nevada and New Mexico; Central-Colorado, Illinois, Indiana and Texas; and
Southeast-Florida, Georgia, Maryland, North Carolina, South Carolina and
Virginia. Kaufman & Broad S.A., the Company's publicly-traded French
subsidiary, is one of the largest homebuilders in France. In fiscal 2004, the
Company delivered homes to 31,646 families in the United States and France. KB
Home also offers complete mortgage services through Countrywide KB Home Loans,
a joint venture with Countrywide Financial Corporation. Founded in 1957, and
winner of the 2004 American Business Award for Best Overall Company, KB Home
is a Fortune 500 company listed on the New York Stock Exchange under the
ticker symbol "KBH." For more information about any of KB Home's new home
communities, call 888-KB-HOMES or visit http://www.kbhome.com.
The Shaw Group Inc. is a leading global provider of technology,
engineering, procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical, environmental,
infrastructure and emergency response markets. Headquartered in Baton Rouge,
Louisiana, with over $3 billion in annual revenues, Shaw employs approximately
20,000 people at its offices and operations in North America, South America,
Europe, the Middle East and the Asia-Pacific region. The Company was recently
named to Fortune magazine's annual list of "America's Most Admired Companies"
for the second consecutive year. For further information, please visit Shaw's
website at www.shawgrp.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. The statements contained
herein that are not historical facts (including without limitation statements
to the effect that the Company or its management "believes," "expects,"
"anticipates," "plans," or other similar expressions) and statements related
to revenues, earnings, backlog, or other financial information or results are
forward-looking statements based on the Company's current expectations and
beliefs concerning future developments and their potential effects on the
Company. There can be no assurance that future developments affecting the
Company will be those anticipated by the Company. These forward-looking
statements involve significant risks and uncertainties (some of which are
beyond our control) and assumptions and are subject to change based upon
various factors. Should one or more of such risks or uncertainties
materialize, or should any of our assumptions prove incorrect, actual results
may vary in material respects from those projected in the forward-looking
statements. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise. A description of some of the risks and uncertainties
that could cause actual results to differ materially from such forward-looking
statements can be found in the Company's reports and registration statements
filed with the Securities and Exchange Commission, including its Form 10-K and
Form 10-Q reports, and on the Company's website under the heading
"Forward-Looking Statements". These documents are also available from the
Securities and Exchange Commission or from the Investor Relations department
of Shaw. For more information on the company and announcements it makes from
time to time on a regional basis visit our website at www.shawgrp.com or
For more information contact:
Caroline Shaw (310) 231-4142
Chris Sammons (225) 932-2546
SOURCE KB HOME; The Shaw Group Inc.