TOKYO -- Sumitomo Forestry acquired the holding company of leading U.S. contractor Dan Ryan Builders for about 10 billion yen ($83.3 million) to bolster foreign operations amid a slowing housing market in Japan.
It had obtained a 60% stake in DRB Holdings, based in the U.S. state of Maryland, by Wednesday. Subsidiary Dan Ryan Builders constructs and sells roughly 1,500 single-family homes a year across six East Coast states and Washington, D.C.
