SEATTLE, April 30, 2021 /PRNewswire/ — Weyerhaeuser Company (NYSE: WY) announced the completion of its acquisition of 69,200 acres of high-quality Alabama timberlands from Soterra, a subsidiary of Greif, Inc., for approximately $149 million earlier this week. Separately, the company announced an agreement to sell 145,000 acres of timberlands in the North Cascades region of Washington to Hampton Resources for $266 million. The company expects to recognize a gain on the sale and anticipates no tax liability in conjunction with this transaction.
“These transactions exemplify our ongoing effort to strategically optimize and upgrade our timberland portfolio,” said Devin W. Stockfish, president and chief executive officer. “Our Alabama acquisition will grow our near-term and long-term cash flow, and the Washington sale completes our targeted large-scale divestitures of non-strategic acreage in the West. We will continue to seek prudent opportunities to enhance our portfolio with high-quality, well-managed timberlands that will drive long-term value for shareholders.”
Weyerhaeuser owns or manages nearly 1.3 million acres and also operates two mills, two nurseries and several other sites in Washington, including its company headquarters in Seattle. The Washington disposition is subject to customary closing conditions and is expected to close in the third quarter of 2021.
Weyerhaeuser Company, one of the world’s largest private owners of timberlands, began operations in 1900. They own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. They manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. They are also one of the largest manufacturers of wood products in America. Their company is a real estate investment trust. In 2020, they generated $7.5 billion in net sales and employed approximately 9,400 people who serve customers worldwide. www.weyerhaeuser.com.
This news release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, with respect to the company’s expectations concerning the future occurrence, timing, tax and financial implications of its disposition of certain of its Washington timberlands, as well as the expected financial contributions and economic results of the closing of its acquisition of certain Alabama timberlands and future portfolio enhancement opportunities.
SOURCE Weyerhaeuser Company