Sumitomo Forestry announced the successful completion acquisition of Tri Pointe Homes. In closing of this transaction, Tri Pointe Homes is now a wholly owned subsidiary of Sumitomo Forestry America and will cease trading on the New York Stock Exchange.
Through the acquisition of Tri Pointe’s more than 160 active communities, the homebuilder expects to deliver around 15,000 units annually across 18 states. This makes Sumitomo Forestry of the highest-volume homebuilders in the nation. Sumitomo Forestry Group is engaged in a broad range of global businesses centered on wood, including forestry management, the manufacture and distribution of wood building materials, the contracting of single-family homes and medium- to large-scale wooden buildings, real estate development and wood biomass power generation.
“Together with Tri Pointe Homes and our existing five U.S. homebuilders, we are well positioned to expand scale, enhance management efficiency and improve profitability toward our Mission TREEING 2030 goal of supplying 23,000 homes annually in the U.S. by 2030,” said Toshiro Mitsuyoshi, President and Executive Officer of Sumitomo Forestry.
“Joining the Sumitomo Forestry Group marks an exciting new chapter for Tri Pointe Homes, building on the past 17 years of standalone growth delivering over 58,000 homes to U.S. families and communities,” said Doug Bauer, Tri Pointe Homes’ Chief Executive Officer. “With a shared strategic vision, values and culture, we are well positioned to accelerate our growth while continuing to deliver design-driven homes and exceptional customer experiences.”
