Weyerhaeuser Company announced an agreement to purchase 80,800 acres of high-quality timberlands in North and South Carolina from a fund managed by Campbell Global for approximately $265 million. The acquisition is comprised of highly productive timberlands situated in strong coastal markets and strategically located to deliver immediate synergies with existing Weyerhaeuser timber and mill operations. Additionally, the acquisition is expected to deliver portfolio-leading cash flow and harvest tons per acre within the company's Southern Timberlands business.
"This transaction is a great example of our ongoing efforts to enhance our portfolio with high-quality, well-managed timberlands that generate solid returns for our shareholders," said Devin Stockfish, President and CEO. "These Carolina timberlands are strategically located, well-integrated with our existing operations and offer very attractive timberland attributes, and they will provide strong cash flows for our Southern Timberlands business."
With this acquisition, Weyerhaeuser will own or manage more than 900,000 acres of timberlands in the Carolinas, and the company also operates four mills, a distribution center and tree nursery and hosts multiple mitigation banks and real estate development projects — employing more than 700 people between the two states. The transaction is subject to customary closing conditions and is expected to close in the 2Q 2022.
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.
