Weyerhaeuser Company announced an agreement to sell its 630,000 acres of timberland in Montana to a private timberland investment company for $145 million in cash. The company anticipates minimal tax liability in conjunction with the transaction. The transaction is subject to customary closing conditions and is expected to be completed in the 2Q 2020, as the company says in the press release received by Lesprom Network.
"The sale of our Montana acreage is part of our ongoing effort to strategically optimize our timberland portfolio," said Devin W. Stockfish, President and CEO of Weyerhaeuser. "The transaction includes a diverse mix of softwood species and an existing 110,000-acre conservation easement which preserves public access in perpetuity."
The company's three manufacturing facilities in Montana are not affected by this announcement.
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. The company owns or controls approximately 12 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada.
