Weyerhaeuser Company completes the sale of its 630,000 acres of Montana timberlands to Southern Pine Plantations for approximately $145 million in cash. The company anticipates it will incur minimal tax liability in conjunction with the sale.
"The sale of our Montana timberlands is part of our ongoing effort to strategically optimize our timberland portfolio," said Devin W. Stockfish, president and CEO of Weyerhaeuser. "I want to thank the employees of the Montana timberlands team for continuing to operate safely throughout this process, and for their contributions to Weyerhaeuser over the years."
The transaction was announced in December 2019, and the company's three manufacturing facilities in Montana are not affected by this sale.
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. The company owns or controls approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada.
