Weyerhaeuser Company completed two separate transactions in which it purchased timberlands from and sold timberlands to funds managed by Hancock Natural Resource Group, a Manulife Investment Management company.
Weyerhaesuer purchased 85,000 acres of timberlands in mid-coastal Oregon in one transaction and sold 149,000 acres in southern Oregon. The net cost for the two transactions was approximately $40 million in cash. The Seattle-based company said it expects no tax liability in conjunction with the sale.
“Oregon is an incredibly important operating region for us, and we’re always looking for opportunities to enhance our portfolio,” Devin Stockfish, president and CEO of Weyerhaeuser, said in a news release. “Through these transactions, we’re gaining highly productive timberland, streamlining operating costs, and access to key domestic and export markets, and strengthening our ability to deliver immediate and long-term value for our shareholders.”
Both transactions were first announced in September 2020.
Weyerhaeuser owns or controls around 11 million acres of timberlands in the United States and manages additional timberlands under long-term licenses in Canada. In November 2019, the company completed the sale of 550,000 acres of timberlands in Michigan to Lyme Company and sold 630,000 acres of Montana timberlands to Southern Pine Plantations in March.
