Daiwa House Industry Co. announced Aug. 10 it will acquire the midmarket general constructor Fujita Corp.
Daiwa House, which primarily operates in Japan, hopes to expand overseas business by acquiring Fujita's expertise in operations abroad.
Daiwa House said it will acquire all Fujita shares from an investment company, affiliated with Goldman Sachs Group Inc. of the United States, for 50 billion yen ($637 million) by the end of this year.
Daiwa House has no plan to change Fujita's name or to replace the basic setup of its current management and employees.
Daiwa House posted consolidated sales of 1.849 trillion yen in fiscal 2011, with only 12.6 billion yen coming from abroad.
In the same fiscal term, Fujita posted consolidated sales of 310.8 billion yen, with overseas sales accounting for 39.5 billion yen, a figure behind only those of major general constructors.
Fujita has operation bases in emerging economies, and Daiwa House president and CEO Naotake Ohno during a news conference described Fujita as a "mentor" in overseas operations.
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