Service Corporation International Acquires Las Vegas-Based Palm Mortuaries
03 Décembre 2009 - 10:40PM
PR Newswire (US)
Acquisition Furthers Strategic Growth in One of the Fastest-Growing
Retirement Areas HOUSTON, Dec. 3 /PRNewswire-FirstCall/ -- Service
Corporation International (NYSE:SCI), the largest provider of
deathcare products and services in North America, announced today
that it has acquired Palm Mortuaries of Las Vegas, Nevada. Palm
Mortuaries is one of North America's premier funeral and cemetery
operations, with approximately $30 million in annual revenues and
whose holdings include five funeral home and cemetery combination
operations, three stand alone funeral homes, one flower shop and
one monument shop. The move provides a unique opportunity for SCI
to expand its previously limited presence in one of the
fastest-growing retirement areas in the U.S. "We are delighted to
bring Palm Mortuaries into the SCI portfolio and welcome its
talented associates to our Dignity Memorial network of funeral,
cremation and cemetery service providers," said Tom Ryan, SCI
president and chief executive officer. "Palm Mortuaries'
long-standing reputation for outstanding customer service and solid
operations make it a great addition to our Company." "Our family
has served the Las Vegas community for more than 50 years and we
are delighted to join a company that will continue our tradition of
care for generations to come," said Ken Knauss, Palm Mortuaries
president and chief executive officer. "We have taken great pride
in serving the families of Las Vegas, and I am very pleased that by
uniting with SCI, we will be able to offer those families the
exceptional benefits available only through the Dignity Memorial
Network." Under SCI's Dignity Memorial brand, providers offer the
most comprehensive, personalized services for families, including:
National Transferability, which allows for the transfer of services
to another Dignity Memorial provider more than 75 miles from the
original point of purchase; Bereavement Travel assistance for
family and friends; access to a 24-hour Compassion Helpline and a
100 percent service guarantee. Terms of the transaction were not
disclosed, but SCI added that the purchase was funded through cash
on hand and will be immediately accretive to earnings and cash
flow. About Service Corporation International Service Corporation
International (NYSE:SCI), headquartered in Houston, Texas, is North
America's largest provider of deathcare products and services. At
September 30, 2009, we owned and operated 1,250 funeral homes and
364 cemeteries (of which 206 are combination locations) in 43
states, eight Canadian provinces, the District of Columbia and
Puerto Rico. Through our businesses, we market the Dignity
Memorial® brand which offers assurance of quality, value, caring
service, and exceptional customer satisfaction. For more
information about Service Corporation International, please visit
our website at http://www.sci-corp.com/. For more information about
Dignity Memorial®, please visit http://www.dignitymemorial.com/.
For additional information contact: Service Corporation
International Investors: Debbie Young - Director / Investor
Relations (713) 525-9088 Media: Lisa Marshall - Managing Director
/Corporate Communications (713) 525-3066 DATASOURCE: Service
Corporation International CONTACT: Investors, Debbie Young,
Director, Investor Relations, +1-713-525-9088, or Media, Lisa
Marshall, Managing Director, Corporate Communications,
+1-713-525-3066, both of Service Corporation International Web
Site: http://www.sci-corp.com/
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