Weyerhaeuser Reshaping Oregon Timberland Holdings for $40 Million

By Colin Kellaher

Weyerhaeuser Co. on Tuesday said it agreed to a pair of transactions that will bolster its Oregon timberland holdings at a net cash cost of about $40 million.

The Seattle forest-products company said it is buying roughly 85,000 acres of timberlands in mid-coastal Oregon and selling 149,000 acres in the southern part of the state in the transactions with funds managed by a unit of Toronto financial-services company Manulife Financial Corp.

Weyerhaeuser said it is acquiring highly productive timberland with low operating costs that is contiguous with its existing property and offers strong access to key domestic and export markets.

The company, which owns or controls some 11 million acres of timberlands in the U.S., said it expects to complete the transactions by the end of the year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 01, 2020 08:38 ET (12:38 GMT)

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