SEATTLE (News release) -- Weyerhaeuser Company announced an agreement to sell its 630,000 acres of timberland in Montana to a private timberland investment company for $145 million in cash. The company anticipates minimal tax liability in conjunction with the transaction.

"The sale of our Montana acreage is part of our ongoing effort to strategically optimize our timberland portfolio," said Devin W. Stockfish, president and chief executive officer of Weyerhaeuser. "The transaction includes a diverse mix of softwood species and an existing 110,000-acre conservation easement which preserves public access in perpetuity."

The transaction is subject to customary closing conditions and is expected to be completed in the second quarter of 2020.

The company's three manufacturing facilities in Montana are not affected by this announcement. "Our manufacturing operations in Montana continue to deliver strong results," said Devin. "Our people have done an outstanding job driving improvement in safety and operational excellence over the past several years, and they also do terrific work to support the communities where we operate."