Weyerhaeuser Completes Purchase of 69,200 of Alabama Timberlands and Announces the Sale of 145,000 Acres in the North Cascade Region of Washington State

Weyerhaeuser Company announced on Friday (4-30-21) that earlier in the week they had completed the acquisition of 69,200 acres of high-quality Alabama timberlands from Soterra, a subsidiary of Greif, Inc., for approximately $149 million. 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. The Washington disposition is largely comprised of high-elevation terrain in the North Cascades range, with approximately 25 percent of the acres located in Chelan County on the east side of the mountains. Weyerhaeuser acquired the property through the acquisition of Longview Timber in 2013. It primarily supplies Hampton’s nearby lumber mill in Darrington, Washington and does not supply Weyerhaeuser’s internal mills or strategic export customers. In prepared comments on the transaction Devin W. Stockfish, Weyerhaeuser’s president and chief executive officer said. “These transactions exemplify our ongoing effort to strategically optimize and upgrade our timberland portfolio. 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.”

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Original Source:
Weyerhaeuser Announces Agreement to Sell 145,000 Acres of Timberlands in Washington's North Cascades, Completes Acquisition of Southwest Alabama Timberlands