Western Pacific to Merge With Schuler Homes

El Segundo-based Western Pacific Housing, the state’s sixth-largest home builder, said it has agreed to merge with Schuler Homes, a leading Hawaiian home builder, in a stock swap. The combined company delivered 4,663 homes--worth about $1.1 billion in revenue--in the 12 months ended June 30. The new company will control more than 27,000 building lots in 187 communities and hold a backlog of about 1,642 homes, with a sales value of $449 million. The combined company will continue to market homes under the Schuler and Western Pacific names. Following completion of the merger, James K. Schuler will become president, chief executive and co-chairman of the new company, and Eugene S. Rosenfeld, currently chairman, CEO and founder of Western Pacific, will become co-chairman. Seven-year-old Western Pacific markets single-family homes in suburban California markets. Schuler Homes, founded in 1988, sells single-family residences, townhomes and condos in California, Arizona, Colorado, Hawaii, Oregon and Washington. Schuler shares rose 13 cents to close at $9 on Nasdaq.