Kaufman & Broad Splits Southland Housing Group

Kaufman & Broad Development Group, the West Los Angeles firm that claims to be the largest home builder in California, has split its Southern California housing operations into two independent divisions.

The Northwest division will include Los Angeles and San Bernardino counties, while the Southeast division will encompass Riverside, Orange and North San Diego counties, according to Bruce Karatz, the firm's president.

In 1984, the group's pretax profits rose to a record $30.4 million, while Kaufman & Broad's total net income rose 62% to a record $42.6 million or $2.97 per share, Karatz said. He added that the Southern California division contributed more than half of the company's 1984 on-site housing profits.

Heading the Northwest division will be Frank J. Scardina, who joined Kaufman & Broad in 1978 as associate corporate counsel and most recently served as vice president of the firm's Southern California operations. Gerald A. Gates, who joined the firm in 1977, will head the Orange County-based Southeast division.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World