Japanese firm buys another established North Texas home builder

4/8/2016
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Japanese firm buys another established North Texas home builder | | Dallas Morning News
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Biz Beat Blog
Japanese firm buys another established
North Texas home builder
Steve Brown/Real Estate Editor  
Published: April 5, 2016 5:55 am
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Gehan Homes builds in almost two dozen North Texas locations. (Gehan)
A Japanese housing firm that already has significant
investments in North Texas is purchasing a Dallas
homebuilder.
Gehan Homes Ltd. said
that it has sold its
Related
Japanese firm takes
http://bizbeatblog.dallasnews.com/2016/04/north­texas­homebuilder­sells­out­to­japanese­housing­firm.html/
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4/8/2016
Japanese firm buys another established North Texas home builder | | Dallas Morning News
remaining ownership to
Sumitomo Forestry
America Inc.
controlling stake in major
North Texas homebuilder
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Sumitomo two years ago bought more than 50 percent of
Gehan, which each year builds about 400 homes in the
Dallas-Fort Worth area.
Gehan said it plans to complete the sale of the rest of the
company to Sumitomo by the end of the month.
“With the sale of the company to Sumitomo Forestry
America Inc., Gehan Homes will have added financial
strength that will allow the company to be more aggressive
in the area of land acquisitions,” Gehan president John
Video
MRO Americas 2016
Dallas Morning News
Winniford said in a statement. “The company will be better
positioned for organic growth in its current markets as well
as evaluate the potential for expansion into new
submarkets.”
Winniford is taking over as president of the company from
More videos:
founder and previous CEO Timothy Gehan who is leaving
the firm. Winniford has been a Gehan division president for
10 years.
Gehan is a 25-year-old company with operations in
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In North Texas, Gehan builds in almost two dozen
communities with homes starting in price near $250,000.
“Sumitomo, as it sought to expand its homebuilding
operations in the U.S., was drawn to Gehan Homes due to
the solid foundation that had been laid to support its
growth, its senior management team, and the company’s
culture and commitment to its employees,” Atsushi
Iwasaki, president of Sumitomo Forestry America, said in a
statement. “This company has already accomplished some
amazing things, and we look forward to carrying on the
Gehan Homes’ legacy for years to come.”
In 2013 Sumitomo purchased half ownership in Bloomfield
Homes L.P., one of the D-FW area’s top homebuilders.
http://bizbeatblog.dallasnews.com/2016/04/north­texas­homebuilder­sells­out­to­japanese­housing­firm.html/
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Japanese firm buys another established North Texas home builder | | Dallas Morning News
Bloomfield built almost 1,000 North Texas homes in 2015.
And Sumitomo is a major investor in Australia’s MainVue
Homes, which is expanding to North Texas from the Pacific
Northwest. MainVue had almost 100 homes in volume
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locally last year.
Sumitomo’s parent firm is an international company that’s
been in business for more than 300 years. It produces
housing and has subsidiaries that deal in timber and wood
products.
“Sumitomo has been doing great in North Texas,” said Ted
Wilson, principal with Dallas-based housing analyst
Residential Strategies Inc. “The three companies they have
an interest in are going great guns.”
Marillyn Hewson  Lockheed Martin Corporation
Combined the homebuilders Sumitomo controls in the DFW area now do close to 1,500 housing starts a year.
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Japanese firm buys another established North Texas home builder | | Dallas Morning News
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mz2016
3 days ago
During WWII, the Sumitomo's CEO also served in the Japanese militarist government
as cabinet minister. Like
Kevin Pereira from Facebook
Reply
3 days ago
Good riddance. If they have any sense they will shut down this joke of a company.
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Japanese firm buys another established North Texas home builder | | Dallas Morning News
Their practices are shady, their product is sub par compared to the rest of the builders
in the area. Their contracts are borderline extortion. They won't even give you a finish
date and state that only they can decide when the home is ready. Their warranty
department is a complete joke. They go out of their way to avoid serving their
customers regardless of their contractual obligations. Do yourself a favor and stay
away from these criminals!
Like
Franklin Grimes from Facebook
Reply
3 days ago
i do not like it when these businesses sell out to foreign companies.
Like
Kimberly Dunn from Facebook
Reply
3 days ago
Gehan homes suck. Maybe they can improve them.
Like
Kevin Pereira from Facebook
Reply
3 days ago
They more than suck
Like
Stephanie Earl from Facebook
Reply
4 days ago
Just another sign that the market will crash soon
Like
luvutexas
Reply
4 days ago
The establishment has no problem giving away America! Try buying property in
Japan! 1
PlanoTXWX
Like
Reply
4 days ago
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Not sure I understand why a few of our wealthy fellow Texans: T Boone, Ross Perot,
Terms of Service
My Account
©2016, The
Dallas Morning News Inc. All Rights Reserved.
etc., etc can't buy these companies. It would be a great way to give back to America
and Texas...
Like
Mike Brown from Facebook
Reply
4 days ago
Here is a question for the internet. Can American companies go into these foreign
countries and buy up companies during a recession? If not, why do we allow it here?
Like
Bystander
Reply
4 days ago
Years ago the Japanese were buying up US assets such as this; everybody had the
same reaction. It's all cyclical. Don't panic. 2
Petenelson277
Like
Reply
4 days ago
Yep.
Here is a list of foreign ownership in China as a example.
http://jiesworld.com/international_corporations_in_ch
ina.htm
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Japanese firm buys another established North Texas home builder | | Dallas Morning News
Like
HF4LIFE
Reply
4 days ago
Another American company bites the dust, love the line " it allows us to invest in land"
yada yada, placate line and move on. See ya.
1
LaneMeyer
Like
Reply
4 days ago
@HF4LIFE It did not bite the dust... Dude ran his company for 25 years and
sold it off for what is a pretty penny probably. The company will just keep on a
trucking. Quite the feat to create something that outlives the original owners.
1
HF4LIFE
Like
Reply
4 days ago
Believe as you wish for it is your right, I've seen it on the opposite and
time will tell. Absorption.
Like
HF4LIFE
Reply
4 days ago
Believe as you wish for it is your right, I've seen it on the opposite
side only time will tell. Absorption.
Like
WardCleaver
Reply
4 days ago
Sumitomo goes back even further than 300 years; to the
Sumitomo clan, which started around 1615:
https://en.wikipedia.org/wiki/Sumitomo_Group Companies that have come out of the Sumitomo Group include
Mazda, and NEC.
Like
EricFoster
Reply
4 days ago
More monopolization. More overseas ownership. Gehan walks away a millionaire and
maybe even a billionaire. Is everybody happy?
Like
Reply
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