Weyerhaeuser Company announced an agreement to acquire approximately 117,000 acres of high-quality timberlands in North Carolina and Virginia from Roanoke Timberlands LLC, a subsidiary of Roseburg Forest Products, for $375 million. Comprised of mature, highly productive timberlands, the acreage will be well-integrated with existing Weyerhaeuser timberland and mill operations in North Carolina, will expand the company's footprint into attractive markets in southeastern Virginia and will offer substantial alternative value opportunities. The acquisition is expected to deliver immediate and sustained portfolio-leading cash flows within the company's Southern Timberlands business.
The acquisition is expected to close in the Q3 and is subject to customary closing conditions. Cash outlay for the transaction is expected to be predominantly sourced from upcoming divestitures of non-core timberlands, and the company anticipates completing these transactions in a tax-efficient manner. When the acquisition is complete, Weyerhaeuser will own or manage approximately 744,000 acres of timberlands in North Carolina and 150,000 acres in Virginia, along with three mills, two distribution centers and additional field offices — employing more than 600 people across the two states.
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls approximately 10.4 million acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada.
