Sumitomo Forestry Co., Ltd. (Tokyo) announced that it bought 60% of share of DRB Enterprises, which owns Dan Ryan Builders (DRB) group in Maryland. DRB is a major house builder on the East Coast and South of the United States. Purchase amount is about 10 billion yen (US$ 90 million).
New housing starts in Japan will continue declining by dropping birth rate and aging of the population so Sumitomo Forestry has been developing housing business in foreign countries and by capital participation to the DRB, it intends to be one of top builders in the States.
DRB is middle class builder to sell units built for sale in six states of Maryland, Pennsylvania, Virginia and others with annual sales of 1,248 units or 295 million dollars in 2014 and is ranked as 35th in the States. Employees are 299.
Sumitomo Forestry has been developing housing business through Henry U.S.A. group, Gehan Homes group and Bloomfield Homes group mainly in the West and the South of the States. Now with DRB is under wing, the East and the South are covered.
Sumitomo Forestry plans to have about 5,000 units of house sales in the States then with house sales in Australia, total overseas houses would be about 8,000 units.
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