Sumitomo Forestry America, which is a subsidiary of Tokyo-based Sumitomo Forestry Co., bought the final remaining shares of Dallas-based home builder Gehan Homes, according to Candace Carlisle of The Dallas Business Journal. Sumitomo first bought a controlling interest in the company in 2014.
With the outright purchase of Gehan, which is expected to close on April 29, Sumitomo is also making management changes.
In buying Gehan Homes, Sumitomo Forestry has also named John Winniford as the company's new president and CEO to replace Timothy Gehan. Winniford has been serving as Gehan's Dallas division president for the last decade.
With Sumitomo fully in control, Gehan should be more active in the land market.
"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," said Winniford in a prepared 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," he added.