Silvercrest Creates 2 Mobile Home Subsidiaries
Silvercrest Corp., a Santa Ana-based manufactured housing company, said it has formed two new subsidiaries to manufacture and install mobile home exterior accessories and to build mobile homes.
The housing subsidiary, Silvercrest Manufacturing-Manteca Inc., has acquired the assets of Madison Homes, a mobile home manufacturing and sales company. It will now produce a mid-priced product line under the name of Madison Homes. The factory is located in Manteca, near Stockton.
The accessories unit, Universal Accessories Inc. in Corona, will manufacture and install awnings and related accessories for mobile homes.
Silvercrest acquired the assets of the two new subsidiaries for about $1 million in cash and stock.
Richard Simonian, Silvercrest’s president, said the new subsidiaries will add more than $6 million to Silvercrest’s annual revenues.
The company posted net earnings of $315,000 in its fiscal 1986, ended June 30, and had revenue of $55.7 million.
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