Sumitomo Forestry Co. officially announced it has acquired 100 percent of interests in the Teal Jones Louisiana Holdings through its Sumitomo Forestry America Inc., a wholly owned subsidiary.
"With these acquisitions, we will begin the launch of our first timber industrial complex*1 in the US. In addition to dimension lumber*2 and other materials to build houses and multi-family residential buildings in Louisiana, this complex will consider manufacturing mass timber*3 to maximize the value of wood through the cascading utilization of logs where nothing goes to waste. Harnessing the synergy effect with our existing US operations in residential property development, real estate development and FITP,*4 we are aiming to further grow our businesses in the US," according to a press release.