PHOTO: FILE
Australia’s Biggest Home Builder Metricon Sold to Foreign Giant in a $115M Deal – What This Means for Aussie Homebuyers!
Australia’s largest home builder, Metricon, is set to be acquired by Japan’s Sumitomo Forestry for $115 million. The deal will give Sumitomo a 51% stake in the company, with potential for full ownership later.
Metricon launches massive sell-off with dozens of display homes for sale amid collapse fears
The move raises concerns as foreign firms now build 12% of Australian homes. Metricon’s CEO, Brad Duggan, assures customers that operations and services will continue as usual, but the acquisition aims to strengthen the company’s market position amidst Australia’s housing challenges.
![Australia's biggest home builder, Metricon, will be sold to Japanese construction giant Sumitomo Forestry for a reported $115million (a Metricon home is pictured)](https://i.dailymail.co.uk/1s/2024/10/03/02/90394605-13918717-image-a-32_1727920527545.jpg)
Australia’s biggest home builder, Metricon, will be sold to Japanese construction giant Sumitomo Forestry for a reported $115million (a Metricon home is pictured)
![Metricon CEO Brad Duggan (pictured) said Sumitomo Forestry is 'an exceptional partner'](https://i.dailymail.co.uk/1s/2024/10/03/02/90394599-13918717-image-m-34_1727920674217.jpg)
Metricon CEO Brad Duggan (pictured) said Sumitomo Forestry is ‘an exceptional partner’
SOURCE: THE DAILY NEW