SEATTLE, Oct. 12, 2017 /PRNewswire/ -- Weyerhaeuser
Company (NYSE: WY) today announced the redemption of its 21 percent
ownership interest in the Twin Creeks Timber, LLC joint venture
("Twin Creeks") for $107.5 million in
cash. The Company also announced an agreement to sell 100,000
acres of Southern Timberlands to Twin Creeks for $202.5 million. The sale includes 80,000 acres of
timberlands in Mississippi and
20,000 acres in Georgia and is
expected to close by year end.
Effective December 31, 2017, the
Company will also terminate the agreements under which it has
managed the Twin Creeks timberlands. Following termination of these
agreements, Weyerhaeuser will have no further responsibilities or
obligations related to Twin Creeks. The company does not expect to
recognize a material gain or loss on the redemption of its
ownership interest.
"Through these transactions, we are simplifying our operations
to focus on management of our own timberlands while continuing to
strategically optimize our timberland portfolio," said Doyle R. Simons, president and chief executive
officer.
Twin Creeks was formed as a joint venture between Plum Creek
Timber Company, Inc. and several institutional investors. Following
its merger with Plum Creek, in February
2016, Weyerhaeuser assumed Plum Creek's investment in the
joint venture and became the manager of the Twin Creeks
timberlands.
About Weyerhaeuser
Weyerhaeuser Company, one of the
world's largest private owners of timberlands, began operations in
1900. We own or control nearly 13 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. Our company is a real
estate investment trust. In February
2016, we merged with Plum Creek Timber Company, Inc. In
2016, we generated $6.4 billion in
net sales and employed approximately 10,400 people who serve
customers worldwide. We are listed on the Dow Jones World
Sustainability Index. Our common stock trades on the New York Stock
Exchange under the symbol WY. Learn more at
www.weyerhaeuser.com.
FORWARD LOOKING STATEMENTS
This communication
contains statements that are forward-looking within the meaning of
the Private Securities Litigation Reform Act of 1995, including,
without limitation, with respect to the company's expectations
concerning the closing of its sale of timberlands. There is
no guarantee that events anticipated by these forward-looking
statements will occur. If any of the events occur, there is no
guarantee what effect they will have on the company's operations,
financial condition or results of operations. The company
undertakes no obligation to update these forward-looking statements
after the date of this news release.
For more information contact:
Analysts — Beth
Baum, 206-539-3907
Media— Anthony Chavez, 206-539-4406
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SOURCE Weyerhaeuser Company