Weyerhaeuser Shuffles Assets on Agreements With Forest Investment Associates
SEATTLE (News release) -- Weyerhaeuser Company announced it has entered into two distinct agreements with Forest Investment Associates to divest approximately 69,600 acres in Upstate South Carolina for $170 million, and to purchase approximately 60,700 acres of high-quality timberlands in Coastal North Carolina, South Carolina and Mississippi for $163 million. Key attributes of the transaction:
"This transaction represents a unique opportunity to further optimize Weyerhaeuser's Southern Timberlands portfolio with high-quality, highly productive acreage that is well-integrated with our existing operations," said Devin W. Stockfish, president and chief executive officer. "As we've demonstrated over the last several years, we are committed to active portfolio management across our unmatched timber holdings, and we remain focused on transactions that improve our cash flow and returns while creating long-term value for our shareholders." With this transaction, Weyerhaeuser will own or manage more than 870,000 acres of timberlands in North and South Carolina and approximately 1,190,000 in Mississippi. The company employs more than 1,300 people and has significant operations and infrastructure across the three states, including seven mills, two distribution centers, two tree nurseries and multiple mitigation banks and real estate development projects. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2023. #pulpandpaper
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