Pulte Sells Argentine Ops

Pulte Homes Inc., a builder based in Bloomfield Hills, Mich., has sold its Argentina operations to Grupo Farallon SA, an Argentine company involved in residential and commercial real estate development.The Michigan-based builder said it will record an after-tax charge of $25 million to $30 million as a result of the sale. "The fourth-quarter charge includes the accounting recognition of the economic losses related to accumulated foreign currency translation adjustments, which have previously been reported in our consolidated balance sheets, as well as other losses associated with exiting Argentina," said Roger A. Clegg, executive vice president and chief financial officer at Pulte.