Sumitomo Forestry Co., a prominent Japanese timber and construction firm, has acquired 100 percent of the shares of Teal Jones Louisiana Holdings for US$29 million, through Sumitomo Forestry America Ltd., the company's wholly owned subsidiary.
This acquisition process was conducted under the Companies' Creditors Arrangement Act of Canada and Chapter 15 of the United States Bankruptcy Code, requiring approvals from the respective courts.
Sumitomo Forestry said this move was aimed at strengthening its international housing and real estate ventures by securing a consistent lumber supply through sawmill operations in the southern United States.
Fasken advised Sumitomo Forestry America Ltd. with a team led by Kibben Jackson, and included Grant Foster and Brent Clark.
Jurisdiction
- British Columbia
