Mar 13, 2008. /Lesprom.com/. Rayonier announced that it has entered into a definitive agreement to purchase approximately 56,300 acres of timberland in southwestern Washington from Sierra Pacific Industries. The purchase, which is expected to close early in the 2Q, is valued at $215 million, ($3,819 per acre). It will increase Rayonier’s Washington holdings to more than 426 thousand acres. “This acquisition reflects our strategy to grow and upgrade our portfolio with timberlands that meet our strategic investment criteria. In this case, we will substantially increase our holdings of merchantable Douglas-fir and western hemlock timber, and gain highly productive land for long-term management,” said Rayonier chairman, president and CEO Lee M. Thomas. “We have a great deal of forestry expertise in the region, which will allow us to successfully integrate this timberland into our portfolio.”