Ryland Closes Purchase Of Charlotte And Raleigh Operations Of Timberstone

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7/3/2012 2:06 PM ET

The Ryland Group Inc. (RYL: Quote) said Tuesday it has completed the acquisition of the Charlotte and Raleigh operations and assets of Timberstone Homes.

The Timberstone acquisition provides Ryland with approximately 945 additional lots and homes for future sales, 141 homes currently sold and under construction for delivery, and 19 professionally decorated model homes.

Existing Timberstone customers will have their customer service and warranty obligations addressed by Ryland under a contractual relationship between Ryland and Timberstone, the company said.

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