Rayonier announced the purchase of 53,800 acres of timberland in upstate New York, from Lassiter Properties Inc.

Mar 27, 2008. /Lesprom.com/. Rayonier announced the purchase of more than 53,800 acres of timberland in upstate New York, from Lassiter Properties Inc. The purchase, valued at $19.1 million, brings the company’s total holdings in New York to more than 129,000 acres. “Along with our recently announced acquisition of 56,300 acres in Washington, this purchase furthers our strategy to grow and upgrade our portfolio with timberland that meets our strategic investment criteria. This property increases our overall species diversity with high-value hardwoods, and is convenient to markets with solid demand,” said Rayonier chairman, president and CEO Lee M. Thomas. “We are very pleased to acquire these attractive timberlands, which have been well-managed by the Lassiter family for nearly two decades.” Lassiter’s President Bill Liscinski said, “The Lassiter family was pleased with the transaction and is confident the forestlands are in good hands. Throughout the transaction with Rayonier, I had every confidence they were the right buyers. They have high standards in place for ongoing forest management.” The timberlands, located in St. Lawrence, Lewis, Franklin and Clinton counties, will be managed in accordance with sustainable forest management principles. Nearly two-thirds of the property is under a conservation easement with the State of New York, which provides public and recreational benefits. Rayonier used existing cash to fund this purchase. The majority of the acquisition is structured as a tax-efficient like-kind exchange which provides significant benefits by effectively eliminating tax on gains from real estate sales. Rayonier is a leading international forest products company with three core businesses: Timber, Real Estate and Performance Fibers.