Weyerhaeuser Company logo.  (PRNewsFoto/Weyerhaeuser Company)
Weyerhaeuser Company logo. (PRNewsFoto/Weyerhaeuser Company)

Weyerhaeuser reached an agreement to purchase 80,800 acres of timberlands in North Carolina and South Carolina from a fund managed by Campbell Global for approximately $265 million. The company said the acquisition is composed of highly productive timberlands situated in strong coastal markets and strategically located to deliver immediate synergies with existing Weyerhaeuser timber and mill operations.

The acquisition is expected to deliver cash flow and harvest tons per acre within the Seattle-based forest products 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,” Devin Stockfish, Weyerhaesuer president and CEO, said in a news release. “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 the acquisition, Weyerhaesuer will own or manage more than 900,000 acres of timberlands in the Carolinas where the company also operates four mills, a distribution center, a tree nursery, and hosts multiple mitigation banks and real estate development projects.

Weyerhaesuer owns or controls approximately 11 million acres of timberlands in the U.S. and manages additional timberlands under long-term licenses in Canada.