Weyerhaeuser Company Announces the Purchase 69,200 Acres of High-Quality Alabama Timberland

Weyerhaeuser Company announced today (2/25/21) that they had reached an agreement to purchase 69,200 acres of high-quality Alabama timberland from Soterra, a subsidiary of Greif, Inc., for approximately $149 million. The acquisition is comprised of highly productive timberlands situated in southwest Alabama, approximately 100 miles north of Mobile. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2021. In prepared remarks to accompany the purchasing agreement, Devin W. Stockfish, president and chief executive officer of Weyerhaeuser said, “This transaction is a great opportunity to enhance our portfolio by acquiring high-quality, well-managed timberlands with low operating risk. These timberlands are located in favorable markets and well-integrated with our existing supply chain, and we have strong relationships with a diverse and reliable set of customers in the area. We expect these timberlands to drive long-term value for our company.” Weyerhaeuser owns or manages nearly 600,000 acres and also operates two mills and a nursery in Alabama.