September 23, 2020
Asahi Kasei Homes Corp.

Asahi Kasei Homes concluded an agreement to acquire 100% ownership of Austin Electric Services, LLC, Austin Concrete & Stone, LLC, and Austin HVAC, LLC (collectively referred to as “Austin Companies”), a premier Arizona residential electrical, concrete, and HVAC group working with an emphasis on energy efficiency and conservation, on September 10, 2020 (US Eastern time), through a US subsidiary, and completed the acquisition on September 21, 2020.

While strengthening its core business of order-built unit homes in Japan, Asahi Kasei Homes considers overseas business to be an important source of additional growth. In November 2018, Asahi Kasei Homes acquired full ownership of Erickson Framing Operations LLC (hereinafter “Erickson”), an Arizona-based supplier of prefabricated building components. Since then Asahi Kasei Homes has leveraged its systemization know-how and enhanced fabrication and construction processes while studying further opportunities for business growth.

The Austin Companies have provided high-quality services for electric, foundation, and HVAC work in Arizona for over 20 years, earning a strong reputation among builders. The acquisition of the Austin Companies was agreed based on expectation of mutual positive synergies with Erickson.

The Austin Companies will continue to be managed by the current management team. The impact of this acquisition on the consolidated financial performance of the Asahi Kasei Group is immaterial.

Overview of the Austin Companies

Company names

Austin Electric Services, LLC, Austin Concrete & Stone, LLC, and Austin HVAC, LLC

President

Toby Thomas

Location

Avondale, Arizona

Establishment

1997

Employees

431 (as of August 31, 2020)

Operations

Electric, foundation, and HVAC work for home construction in Arizona

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