Weyerhaeuser Company has entered into two distinct agreements with Forest Investment Associates to divest approximately 69,600 acres in Upstate South Carolina for $170 million, and to purchase approximately 60,700 acres of high-quality timberlands in Coastal North Carolina, South Carolina and Mississippi for $163 million.
"This transaction represents a unique opportunity to further optimize Weyerhaeuser's Southern Timberlands portfolio with high-quality, highly productive acreage that is well-integrated with our existing operations," said Devin W. Stockfish, President and CEO. "As we've demonstrated over the last several years, we are committed to active portfolio management across our unmatched timber holdings, and we remain focused on transactions that improve our cash flow and returns while creating long-term value for our shareholders."
With this transaction, Weyerhaeuser will own or manage more than 870,000 acres of timberlands in North and South Carolina and approximately 1,190,000 in Mississippi. The company employs more than 1,300 people and has significant operations and infrastructure across the three states, including seven mills, two distribution centers, two tree nurseries and multiple mitigation banks and real estate development projects. The transaction is subject to customary closing conditions and is expected to close in the Q4 2023.
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 manages additional timberlands under long-term licenses in Canada.
