Sumitomo Forestry Co., Ltd. has completed its 51% acquisition of the Wisdom Group, made through Sumitomo Forestry Australia’s wholly-owned Australian subsidiary, Sumitomo Forestry Australia Pty Ltd.
Sumitomo Forestry is striving to expand further into the Australian housing business, regarding it as a key growth area for its overseas operations, through continued collaboration with the management of the consolidated subsidiary Henley Properties Group, which is involved in the housing business largely in Victoria, Queensland, and New South Wales.
The acquisition provides a dual structure comprised of the Henley Group and the Wisdom Group for the Sumitomo Forestry Group to involve itself in the Australian housing business.
It lays the foundations for the Sumitomo Forestry Group to achieve its goal of selling 3,000 homes in Australia per year, equivalent to the fourth largest detached housing construction business in Australia It also brings Sumitomo Forestry Group closer to achieving its goal of selling 8,000 homes per year in both Australia and the United States.
Source: Lesprom Network