The Ryland Group, Inc. (RYL) announced that it has entered into an agreement to acquire the Charlotte and Raleigh operations and assets of Timberstone Homes. It is anticipated that the transaction will close within the next 10 days.
Ryland said that earlier this year the company had purchased significant land assets from Westport Homes in Indianapolis, providing Ryland with an additional 504 lots for future delivery.
The company stated that most of Timberstone's current workforce will be offered the opportunity to continue their employment with Ryland's Charlotte and Raleigh teams.
Also, existing Timberstone customers will have their customer service and warranty obligations addressed by Ryland under a contractual relationship between Ryland and Timberstone. Ryland Group said.
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