Weyerhaeuser announced on Thursday (4-14-22) that it has reached an agreement to purchase 80,800 acres of high-quality timberlands in North and South Carolina from a fund managed by Campbell Global for approximately $265 million. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2022.
According to the announcement, the acquisition is comprised of highly productive timberlands situated in strong coastal markets and strategically located to deliver immediate synergies with existing Weyerhaeuser timber and mill operations. Additionally, the acquisition is expected to deliver portfolio-leading cash flow and harvest tons per acre within the company’s Southern Timberlands business.
In a statement prepared for the purchase, Devin Stockfish, Weyerhaeuser’s president and CEO, said, “This transaction is a great example of our ongoing efforts to enhance our portfolio with high-quality, well-managed timberlands that generate solid returns for our shareholders. These Carolina timberlands are strategically located, well-integrated with our existing operations and offer very attractive timberland attributes, and they will provide strong cash flows for our Southern Timberlands business.”
With this acquisition, Weyerhaeuser will own or manage more than 900,000 acres of timberlands in the Carolinas. The company also operates four mills, a distribution center, and tree nursery and hosts multiple mitigation banks and real estate development projects—employing more than 700 people between the two states.
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Weyerhaeuser to Acquire Timberlands in North and South Carolina