Sumitomo Forestry (TYO:1911) will establish Edge Land, a subsidiary in Utah, US, according to a Wednesday filing on the Tokyo Stock Exchange.
Edge Land will be a wholly-owned subsidiary of Sumitomo Forestry America and will support its housing development operations by acquiring land for Edge Homes, a Sumitomo Forestry subsidiary.
Edge Land will be 95% owned by Sumitomo Forestry America, with a capital of $48.5 million. The subsidiary's establishment is scheduled for May.
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