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Homebuilders Pulte and Centex to merge

 Homebuilders Pulte Homes and Centex are to merge.

The combined company will become the largest homebuilder in the U.S. in a deal worth $1.3 billion.

Pulte CEO Richard Dugas said that the merger will put the combined company in an excellent position to negotiate the housing downturn.

The merger of Pulte Homes and Centex will create a company with solid cash reserves of $3.4 billion.

In calendar 2008, the two companies combined delivered more than 39,000 homes. The largest U.S. builder, D.R. Horton Inc.delivered more than 26,000 homes in its fiscal year ended Sept. 30, 2008.

But the two companies expect to be able to profit from bringing together inventories and reducing back office costs.

The new company will be called Pulte Homes.

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