Weyerhaeuser completes sale of Montana timberlands
SEATTLE, March 26, 2020 /PRNewswire/ — Weyerhaeuser Company (NYSE: WY) today announced the completion of the sale of its 630,000 acres of Montana timberlands to Southern Pine Plantations for approximately $145 million in cash. The company anticipates it will incur minimal tax liability in conjunction with the sale.
«The sale of our Montana timberlands is part of our ongoing effort to strategically optimize our timberland portfolio,» said Devin W. Stockfish, president and chief executive officer of Weyerhaeuser. «I want to thank the employees of the Montana timberlands team for continuing to operate safely throughout this process, and for their contributions to Weyerhaeuser over the years.»
The transaction was announced in December 2019, and the company’s three manufacturing facilities in Montana are not affected by this sale. «We’re proud to continue supporting Montana communities through our mills and other local operations,» said Stockfish.
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.
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SOURCE Weyerhaeuser Company