Sumitomo Forestry Acquires a US Land Development Company
Company Press Release
Sumitomo Forestry Co., Ltd. (President and Representative Director: Akira Ichikawa; Headquarters: Chiyoda-ku, Tokyo; hereinafter “Sumitomo Forestry”) announced that it has acquired a 60% equity interest in the United States Mark III Properties, LLC (hereinafter: “Mark III”) through its wholly-owned subsidiary, Sumitomo Forestry America, Inc. (President: Atsushi Iwasaki; Headquarters: Bellevue City, Washington State, U.S.A.). A celebrative reception for the new partnership was held on August 14, local time.
The Sumitomo Forestry Group cited diversifying revenue sources in the global market as a basic policy in its Medium-term Management Plan 2018. The present initiative is part of that plan. The housing construction and sales businesses are steadily expanding in the United States and Australia, with sales of approximately 10,000 homes planned for the fiscal year ending March 2019.
Mark III is a land development company that was established in 1974. It engages in the development and sale of completed housing lots (for detached houses and townhouses) in Greenville and the Spartanburg areas in Northwestern South Carolina, situated in the southern part of the United States. The number of blocks handed over in the fiscal year ending December 2017 was 1,153. Sales were at $57M. It comprises a large share of the land provided to the top 10 builders in that area.
Dan Ryan Builders (DRB), a homebuilding and sales company of the Sumitomo Forestry Group, has also expanded into the area.
Outline of Mark III Properties, LLC
(1) Name of Company – Mark III Properties, LLC
(2) Name and title of Representative – John Beeson (President)
(3) Location of Head Office – Spartanburg City, South Carolina, US
(4) Date of Establishment – 1974
(5) Business – Land development in the Greenville and Spartanburg areas, South Carolina
(6) Number of employees – 10 employees (as of end of March 2018)
(7) Net Sales – USD 57 million (for fiscal year ended in December 2017)
*Date of equity interest acquisition, May 1, 2018
The Sumitomo Forestry Group will continue to accumulate expertise the housing-related business in the United States for further business expansion and development.
Source: Sumitomo Forestry Co., Ltd.