Clayton Homes
Encyclopedia
Clayton Homes, a component company of Berkshire Hathaway
, is the United States
' largest manufacturer of manufactured housing
. The company is vertically integrated; it builds, sells, finances, leases, and insures manufactured and modular home
s.
Clayton's corporate headquarters are in Maryville, Tennessee
. It operates 35 manufacturing plant
s in the United States and markets its products in 49 state
s through 448 company-owned retail outlets and more than 1300 independent retailers. Its subsidiary Vanderbilt Mortgage and Finance, Inc., specializes in mortgages for manufactured homes, providing more than $11.0 billion in loan
s for more than 275,000 customers. Another subsidiary provides insurance
for 160,000 families.
The company was founded by Jim Clayton
in 1966. The company went public
in 1983, trading on the New York Stock Exchange
. It was acquired by Berkshire Hathaway Inc. in 2003 for $1.7 billion. Kevin T. Clayton, son of the founder, is current President and CEO.
According to its website, Clayton owns and operates 68 manufactured housing communities and 12 subdivision
s. However, in July 2007 Clayton contracted to sell 65 manufactured housing communities in 11 states. They produce homes under the brand names of Cavalier Homes, Clayton Homes, Crest Homes, Gideon Homes, Giles Industries, Golden West Homes, Karsten Company, Marlette Homes, Oakwood Homes, Schult Homes and Southern Energy Homes.
Clayton manufactures one- and two-story homes that range from 500 sq ft (46.5 m²). to 2400 sq ft (223 m²). in floor area and from $40,000 to more than $100,000 in price.
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
, is the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
' largest manufacturer of manufactured housing
Manufactured housing
Manufactured housing is a type of prefabricated housing that is largely assembled in factories and then transported to sites of use...
. The company is vertically integrated; it builds, sells, finances, leases, and insures manufactured and modular home
Modular home
Modular buildings and modular homes are sectional prefabricated buildings or houses that consist of multiple modules or sections which are built in a remote facility and then delivered to their intended site of use...
s.
Clayton's corporate headquarters are in Maryville, Tennessee
Maryville, Tennessee
Maryville is the county seat of Blount County, Tennessee, in the Southeastern United States. The city is located south of Knoxville. Maryville's population was 27,258 at the 2010 census. It is included in the Knoxville Metropolitan Area. Maryville has received a number of accolades for its...
. It operates 35 manufacturing plant
Factory
A factory or manufacturing plant is an industrial building where laborers manufacture goods or supervise machines processing one product into another. Most modern factories have large warehouses or warehouse-like facilities that contain heavy equipment used for assembly line production...
s in the United States and markets its products in 49 state
U.S. state
A U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
s through 448 company-owned retail outlets and more than 1300 independent retailers. Its subsidiary Vanderbilt Mortgage and Finance, Inc., specializes in mortgages for manufactured homes, providing more than $11.0 billion in loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s for more than 275,000 customers. Another subsidiary provides insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
for 160,000 families.
The company was founded by Jim Clayton
Jim Clayton (Clayton Homes)
James L. "Jim" Clayton, Sr. is an American entrepreneur who founded Clayton Homes in 1966 and built it into the United States' largest producer and seller of manufactured housing, a publicly traded company that was sold to Berkshire Hathaway in 2003 for $1.7 billion. He lives in Knoxville,...
in 1966. The company went public
Public company
This is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...
in 1983, trading on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
. It was acquired by Berkshire Hathaway Inc. in 2003 for $1.7 billion. Kevin T. Clayton, son of the founder, is current President and CEO.
According to its website, Clayton owns and operates 68 manufactured housing communities and 12 subdivision
Subdivision (land)
Subdivision is the act of dividing land into pieces that are easier to sell or otherwise develop, usually via a plat. The former single piece as a whole is then known in the United States as a subdivision...
s. However, in July 2007 Clayton contracted to sell 65 manufactured housing communities in 11 states. They produce homes under the brand names of Cavalier Homes, Clayton Homes, Crest Homes, Gideon Homes, Giles Industries, Golden West Homes, Karsten Company, Marlette Homes, Oakwood Homes, Schult Homes and Southern Energy Homes.
Clayton manufactures one- and two-story homes that range from 500 sq ft (46.5 m²). to 2400 sq ft (223 m²). in floor area and from $40,000 to more than $100,000 in price.