SEATTLE, Nov. 20, 2020 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced the completion of 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.
The company purchased 85,000 acres of timberlands in mid-coastal Oregon in one transaction and sold 149,000 acres in southern Oregon in a separate transaction, for a net cost of approximately $40 million in cash. The company 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," said Devin W. Stockfish, president and chief executive officer. "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."
The transactions were announced in September 2020.
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in America. Our company is a real estate investment trust. In 2019, we generated $6.6 billion in net sales and employed approximately 9,400 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
SOURCE Weyerhaeuser Company