DALLAS and ATLANTA -- Oct. 29, 2012 -- The Home Depot and U.S. Home Systems, Inc. announced the completion of the merger of USHS with an indirect wholly-owned subsidiary of The Home Depot. The merger was approved by the stockholders of USHS at a special meeting held on October 26. As a result of the merger, USHS became an indirect wholly-owned subsidiary of The Home Depot.
USHS, based in Irving, Texas, is currently an exclusive provider of kitchen and bath refacing products and services as well as closet and garage organizational systems to The Home Depot.
"The Home Depot has had a long-standing relationship with USHS. By formally bringing USHS into The Home Depot family, we expect to further enhance our customers' home service experience," said Kevin Hofmann, senior vice president-Home Services, The Home Depot.
As a result of the merger USHS' common stock ceased trading on the NASDAQ Global Market at market close on October 26 and its shares will no longer be listed. Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, since these conversions will be handled by the bank or broker. Stockholders who hold certificates can surrender their certificates for $12.50 per share in cash, without interest, through the paying agent for the merger, Wells Fargo Bank, N.A. Wells Fargo Bank, N.A will be sending out a letter of transmittal and instructions to registered stockholders in the next several days regarding specific actions they will need to take to surrender their shares for the merger consideration. USHS' stockholders of record should wait until they receive the letter of transmittal before surrendering their share certificates.
About The Home Depot
The Home Depot is a home improvement specialty retailer, with 2,250 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2011, The Home Depot had sales of $70.4 billion and earnings of $3.9 billion. The company employs more than 300,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
About U.S. Home Systems, Inc.
U.S. Home Systems, Inc. manufactures or procures, designs, sells and installs custom quality specialty home improvement products. The company's product lines include kitchen cabinet refacing products utilized in kitchen remodeling, bathroom tub liners and wall surround products utilized in bathroom remodeling, and storage organization systems for closets and garages. The company manufactures its own cabinet refacing products and bathroom cabinetry. The company employs more than 1,000 associates and operates a nationwide network of over 40 branch offices.