A Seattle-based timber company has acquired 84,300 acres of timberlands in Alabama for $244 million.
Weyerhaeuser Co. announced the deal last week, but did not specify where the new holdings are located.
The deals are expected to close at year’s end. When completed, the company will own or manage about 695,000 acres of timberlands in Alabama. Its holdings also include two mills, a Timberlands office and seed orchard.
Weyerhaeuser employs more than 350 people in the state.
The acreage is said to include mature, highly productive timberlands, with mature planted pine age class expected to produce an average harvest of 6.4 tons per acre, or 540,000 tons, annually over the first 10 years.
CEO David Stockfish said the company has a goal of growing its timberlands portfolio through $1 billion in investments by the end of 2025.
“These transactions represent attractive opportunities to enhance our portfolio with high-quality, well-managed timberlands that generate solid returns for our shareholders,” he said.
Weyerhaeuser today owns or controls approximately 10.5 million acres of timberlands in the U.S., as well as 14 million acres managed under long-term licenses in Canada.
