In a joint announcement on Monday (10-18-21), The Westervelt Company and Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced the acquisition of more than 76,000 acres (307 km2) of high-quality pine timberland and the creation of a new strategic partnership that will focus on sustainable timberland management. The newly acquired property had been owned and managed for nearly a century by Superior Pine Products, a family-owned company headquartered in Georgia.
In a statement regarding the acquisition, Westervelt President and CEO Brian Luoma said, “This was a rare opportunity to purchase a special timberland asset in southeast Georgia. The land matches Westervelt’s strategic growth and diversification objectives, and its age class distribution balances growth and sustainability goals.”
Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ said, “This transaction illustrates what our Sustainable Land Management initiative is all about: investing in land with partners who truly share our values and culture of investing constructively. That’s why we are delighted to join forces with Westervelt, a family-owned business focused on environmental stewardship and innovation, for this first investment in the United States as part of this partnership. Working forests are unique assets and we believe they will become of increasing importance in the fight against climate change and the transition to a greener economy.”
Scott Griffin, President and CEO at Superior Pine Products Company said, “As we move forward with our strategic plan to geographically diversify our timberland holdings, this transaction will enable our Company to grow in other market areas while retaining ownership in our core area of operations. Westervelt and CDPQ align with our Company values and commitment to sustainability, so we are excited about this opportunity for all entities and look forward to future possibilities for growth.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Westervelt and CDPQ announce new strategic partnership focused on sustainable timberland, with acquisition in Georgia