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An announcement from Sumitomo Forestry Co ( (JP:1911) ) is now available.
Sumitomo Forestry has completed the acquisition of 100% of U.S. homebuilder Tri Pointe Homes for approximately US$4.0 billion, funded initially by a large yen-denominated loan that it plans to refinance through long-term financing. Tri Pointe Homes becomes a wholly owned subsidiary of Sumitomo Forestry America and will be delisted from the New York Stock Exchange as it is integrated into the group.
By adding Tri Pointe Homes’ premium lifestyle brand, 160-plus active communities and operations in 13 high-growth states to its existing U.S. builders, Sumitomo Forestry becomes a homebuilder roughly equivalent to the fifth largest in the U.S. market. The group aims to leverage combined scale and expertise to expand U.S. housing supply, improve efficiency and profitability, and move toward its goal of delivering 23,000 homes annually in the U.S. by 2030, signaling a significant step-up in its North American growth strategy.
The most recent analyst rating on (JP:1911) stock is a Sell with a Yen1400.00 price target. To see the full list of analyst forecasts on Sumitomo Forestry Co stock, see the JP:1911 Stock Forecast page.
More about Sumitomo Forestry Co
Sumitomo Forestry Co., Ltd. is a Japan-based diversified housing and wood products group that develops, builds and sells homes, primarily focusing on single-family housing and related services. The company has been expanding its presence in overseas markets, particularly in the U.S. residential sector, through a network of local homebuilders under the Sumitomo Forestry Group umbrella.
Average Trading Volume: 4,335,119
Technical Sentiment Signal: Hold
Current Market Cap: Yen816.6B
For detailed information about 1911 stock, go to TipRanks’ Stock Analysis page.