Sonoco Products Company has sold approximately 55,000 acres of timberlands in South Carolina for $72 million in cash to Manulife Investment Management (Manulife IM) on behalf of its clients. Manulife IM is a timberland and agricultural investment manager which sustainably manages approximately 6 million acres around the globe.
Sonoco Chief Executive Officer Howard Coker said, “Today, Sonoco produces paper exclusively from recycled fibers and no longer requires natural tree fiber for production. Through this sale, we are pleased to have the opportunity to maximize value for our shareholders while also ensuring that the property goes to a buyer that puts sustainable management at the forefront of its natural capital investment strategy. Manulife Investment Management has extensive experience with these types of sustainable transactions, and we feel confident that these lands will continue to be held in good stewardship.”
Founded in 1899, Sonoco is a global provider of packaging products.