OLD GREENWICH, Conn.– Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) (“Star Equity” or the “Company”), a diversified holding company, announced today that its KBS Builders, Inc. (“KBS”) business has signed a $4.2 million contract to manufacture 60 modules for the construction of eight new multi-family buildings as part of a workforce housing development on the island of Nantucket in Massachusetts. This development will help improve Nantucket’s availability of affordable housing, a longstanding challenge facing the island. Production of two of the eight buildings has already commenced, and production of the remaining buildings is expected to continue into the fall of 2022.
“We are thrilled to announce this exciting project on Nantucket for KBS Builders. We believe affordable and workforce housing is an excellent fit for KBS’s production capabilities, and we are well-positioned to capitalize on the increasing demand for workforce housing across the Northeast. Importantly, this project marks yet another win for KBS on Cape Cod and the Islands, an area where we are continuing to gain market share and visibility especially in key segments such as workforce housing.” said Thatcher Butcher, President of KBS.
Rick Coleman, Chief Executive Officer of Star Equity, noted, “This high-visibility project on Nantucket marks the second large-scale commercial project KBS has won thus far in 2022. KBS’s sales team continues to do great work with booked backlog now extending into November, and the entire KBS team is making great strides toward achieving our production, quality, and profitability goals.”
About Star Equity Holdings, Inc.
Star Equity Holdings, Inc. is a diversified holding company with three divisions: Healthcare, Construction, and Investments.
Healthcare
Our Healthcare division designs, manufactures, and distributes diagnostic medical imaging products and provides mobile imaging services. Our Healthcare division operates in two businesses: (i) diagnostic services and (ii) diagnostic imaging. The diagnostic services business offers imaging services to healthcare providers as an outsourced alternative to purchasing and operating their own equipment. The diagnostic imaging business develops, sells, and maintains solid-state gamma cameras.
Construction
Our Construction division manufactures modular housing units for commercial and residential real estate projects and operates in two businesses: (i) modular building manufacturing and (ii) structural wall panel and wood foundation manufacturing, including building supply distribution operations for professional builders.
Investments
Our Investments division manages and finances the Company’s real estate assets and investments.
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