RYLAND TRADING, LTD. TO CONSTRUCT HOMES FOR RUSSIA
RYLAND TRADING, LTD. TO CONSTRUCT HOMES FOR RUSSIA COLUMBIA, Md., March 31 /PRNewswire/ -- Ryland Trading, Ltd.
announced today its first joint-venture homebuilding project in St. Petersburg, Russia, formerly the city of Leningrad.
Ryland Trading, Ltd. will work with Russian partners A/O Lidesm, Lenstroidetal and Fasad to build and sell single-family homes in St. Petersburg beginning this year. This is the first time in 70 years that single-family homes have been available to the St. Petersburg public. Russian citizens and others will be able to tour American-style model homes provided by Ryland Trading, Ltd. this summer. These models will feature Western technology, quality and style and a variety of amenities new to the Russian market. The single-family homes and townhomes range in size from 850 to 1300 square feet. They will be sold for hard currency at price ranges that parallel those in the Northeastern United States. Columbia-based Ryland Trading will design the homes, construct the home components and ship them to the joint venture. Ryland also will train Russian workers to erect and finish the homes on-site as well as assist them in market research and selling the product. Successful home sales are expected to lead to the construction of a manufacturing plant in Russia. Once complete, the plant could produce 500 to 1,000 homes annually, using Russian labor and building materials. "Ryland is pleased to be the first large American builder to make a commitment to provide housing in Russia," said Ryland Trading President Thurman W. Bretz. "Our preliminary research shows that there is a market for single-family homes and that customers want well-built, quality housing. This initial project will help Ryland establish a foothold in the Russian market," Bretz continued. Bretz said that Ryland Trading, Ltd. also is pursuing business opportunities in the Middle East, Europe and Asia. "As part of Ryland, we bring 25 years of homebuilding experience to our global markets. The flexible building system Ryland has developed allows us to adapt quickly to a wide range of market conditions and meet the demands of our international customers," Bretz said. A/O Lidesm is a joint stock company located in St. Petersburg. Lenstroidetal and Fasad are industrial cooperatives in the Leningrad Region. Ryland Trading, Ltd. was created in January 1991 to market Ryland's building systems technology worldwide. Last year, the organization shipped 1,300 homes to Israel. Ryland Trading is a wholly owned subsidiary of The Ryland Group, Inc. (NYSE: RYL) /delval/ -0- 3/31/92 /CONTACT: Vaike O'Grady of Ryland Trading, 410-730-2691/ (RYL) CO: Ryland Trading, Ltd.; A/O Lidesm; Lenstroidetal; Fasad ST: Maryland IN: CST SU: CON
CC -- PH003 -- 3242 03/31/92 08:59 EST
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|Date:||Mar 31, 1992|
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