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SAN FRANCISCO - Building Materials Holding Corp., a provider of building materials and construction services to professional builders and contractors, said Wednesday a subsidiary will shutter its residential framing and concrete operations in Tucson, Ariz., this summer as a result of the downturn in the housing market.
| BLG | 0.68 |  -0.12 |
The SelectBuild Arizona's Tucson facility will discontinue operations on July 18.
"Housing permits in the Tucson market have fallen sharply from 1,349 in the first quarter of 2007 to only 738 in the first quarter of 2008," Chief Executive Officer Stanley M. Wilson said. "Tucson has been hit particularly hard by the downturn in the housing market, and we have to realign our operations accordingly."
The closing affects 180 employees.
SelectBuild Arizona will continue its operations in Phoenix.
Shares of Building Materials Holding closed down 14 cents, or nearly 4 percent, to $3.48, and reached an all-time low of $3.47 during the session.
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