DURHAM, N.C., July 13, 2016 /PRNewswire/ -- The Guess Corporation through a subsidiary is pursuing the timber market. The company has a team reviewing several large tracts for acquisition throughout the nation. The company is focusing on tracts that are at least 100,000 acres and include softwood and hardwood. In 2015, a lumber brokerage unit was launched, The Guess Lumber Company. Through that subsidiary, the company is building its timber acquisition business and plans to change the name to The Guess Wood Company.
The company is financing timber acquisitions through a senior lender and also pre-selling merchantable board feet to timber buyers it will partner with. The company will use timber management organizations to handle the harvesting of the timber, while it will be responsible for the infrastructure needed and marketing of the harvests. The Guess Corporation expects to complete its first large timber acquisition by August of 2016.
ABOUT THE GUESS CORPORATION
The Guess Corporation is a conglomerate based in Durham, North Carolina and is currently privately-held. The company began as a luxury goods holding company in 2012 with a focus on diamonds and has expanded into other business areas.
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SOURCE The Guess Corporation