Weyerhaeuser to Enhance Oregon Timberland Holdings
Weyerhaeuser Company (“Weyerhaeuser” or the “company”)announced it has entered into two distinct agreements to purchase timberlands from and sell timberlands to funds managed by Hancock Natural Resource Group, a Manulife Investment Management company.
The company is purchasing approximately 85,000 acres of timberlands in mid-coastal Oregon in one transaction, and selling 149,000 acres of timberlands in southern Oregon in a second transaction. The net cost of these two separate transactions is approximately $40 million in cash.
“These two agreements represent a unique opportunity to further enhance Weyerhaeuser’s Western timberlands portfolio with exceptional land that is contiguous with our existing ownership,” said Devin W. Stockfish, president and chief executive officer. “Through these transactions, we are acquiring highly productive timberland with low operating costs and strong access to key domestic and export markets, and we expect them to deliver immediate and long-term value for our shareholders.”
The transactions are subject to customary closing conditions and are expected to close in the fourth quarter of 2020.
Weyerhaeuser Company, one of the world’s largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in America. Our company is a real estate investment trust. In 2019, we generated $6.6 billion in net sales and employed approximately 9,400 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
Nancy Thompson – Media Contact – (919) 861-0342
Source: Weyerhaeuser Company