In a statement, Robert H. Shottenstein, president and CEO, said "The Houston market represents our first operation in the state of Texas and strengthens our geographical footprint as we grow our business. We have been studying the Houston market for some time and are confident in our ability to successfully compete there ... ."
Kevin Hake, vp of finance for M/I, said Wednesday that the company did not have any assets in the Houston market. "We are going to be looking to acquire or option lots," he said.
The company named Craig Westmoreland as Houston Area President, reporting to Dennis S. Bailey, Region President. The statement said Westmoreland, whom it failed to mention was president of KB Home's San Antonio Division from 2003 until he left unexpectedly in December of 2008, has more than 25 years of home building experience.
M/I shares gained 22 cents on Tuesday, about 1.5%, to close at $15.03. The stock was trading in a flat range midday Wednesday.