Sumitomo Forestry announces that the Board of Directors resolved to acquire 100% of the shares of Teal Jones Louisiana Holdings LLC (TJLH) through its wholly owned subsidiary Sumitomo Forestry America, Inc. (SFAM), and to begin procedures to make TJLH a consolidated subsidiary.
The acquisition will be carried out in accordance with procedures outlined under the Companies' Creditors Arrangement Act of Canada and Chapter 15 of the United States Bankruptcy Code. It is subject to approval by the Courts of Canada and the United States. After these procedures, Sumitomo Forestry aims to complete this acquisition by the Q2 2025.
In addition, since TJLH’s capital is more than 10% of Sumitomo Forestry’s capital, TJLH will become a specified subsidiary of Sumitomo Forestry.
Teal Jones-Plain Dealing, LLC is a sawmill located in Louisiana, USA, and a consolidated subsidiary of TJLH. Sumitomo Forestry will make Teal Jones-Plain Dealing a wholly owned subsidiary with the aim to expand its business and build a stable materials supply system for its overseas housing business and real estate business through sawmill operations in the southern United States and the sale of wood lumber products, such as dimensional lumber.
Sumitomo Forestry is a Japanese logging and processing company. It is also engaged in the construction of houses made of wooden materials.
