Sumitomo Forestry is rapidly expanding its interests in the US housing market after agreeing to acquire Tri Pointe Homes in a US$ 4.5 billion deal that will create the fifth\u2011largest homebuilder in the United States. <\/p>\n\n\n\n
Wood Central understands that the latest acquisition strengthens its position in the US single\u2011family housing market \u2014 now responsible for 60 per cent of its recurring income in the United States \u2014 while giving it long\u2011sought access to California and Nevada after earlier expansions in Texas and the southeast.<\/p>\n\n\n\n
And with Japan facing a glut of vacant single\u2011family homes, the move marks a major step toward Sumitomo Forestry’s goal of supplying 23,000 US homes annually by 2030, according to Toshio Mitsuyoshi, CEO and President of Sumitomo Forestry, the parent company that controls Sumitomo’s global interests.<\/p>\n\n\n\n
\u201cTri Pointe Homes shares our focus on quality, customer experience and a culture that empowers local operating teams,\u201d Mitsuyoshi said. \u201cThrough the acquisition, we expect to further enhance our profitability by leveraging the complementary strengths of Tri Pointe Homes and each of the five homebuilders within our group.\u201d<\/p>\n\n\n\n