Weyerhaeuser, a Seattle-based timber company, has agreed to acquire approximately 117,000 acres of high-quality timberlands in North Carolina and Virginia from Roanoke Timberlands, a subsidiary of Roseburg Forest Products, for $375 million.
Comprised of mature, highly productive timberlands, the acreage will be well-integrated with existing Weyerhaeuser timberland and mill operations in North Carolina, and will expand the company’s footprint into markets in southeastern Virginia. The acquisition is expected to deliver cash flows within the company’s Southern Timberlands business.
“These are exceptional timberlands, and we’re excited and well-positioned to capitalize on this unique off-market opportunity,” said Devin Stockfish, president and chief executive officer. “As we’ve demonstrated over the last several years, we are committed to active portfolio management across our unmatched timber holdings and have remained disciplined in our approach to growing the value of our timberlands — including through strategically targeted private transactions like the one we’re announcing today.
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