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Sumitomo Forestry buys leading US homebuilder

Sumitomo Forestry is making headway in the U.S. housing market.

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.

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