Sumitomo Forestry has acquired a 60% equity interest in the United States Mark III Properties, LLC (Mark III) through its wholly-owned subsidiary, Sumitomo Forestry America, Inc., as the company says in the press release received by Lesprom Network.
The Sumitomo Forestry Group cited diversifying revenue sources in the global market as a basic policy in its Medium-term Management Plan 2018. The present initiative is part of that plan. The housing construction and sales businesses are steadily expanding in the United States and Australia, with sales of approximately 10,000 homes planned for the fiscal year ending March 2019.
Mark III is a land development company that was established in 1974. It engages in the development and sale of completed housing lots (for detached houses and townhouses) in Greenville and the Spartanburg areas in Northwestern South Carolina, situated in the southern part of the United States.
