SEATTLE, April 30, 2021 /PRNewswire/
-- Weyerhaeuser Company (NYSE: WY) today announced
the completion of its acquisition of 69,200 acres of high-quality
Alabama timberlands from Soterra,
a subsidiary of Greif, Inc., for approximately $149 million earlier this week. Separately, the
company announced an agreement to sell 145,000 acres of timberlands
in the North Cascades region of Washington to Hampton Resources for
$266 million. The company expects to
recognize a gain on the sale and anticipates no tax liability in
conjunction with this transaction.
The Washington disposition is
largely comprised of high-elevation terrain in the North Cascades
range, with approximately 25 percent of the acres located in
Chelan County on the east side of
the mountains. Weyerhaeuser acquired the property through the
acquisition of Longview Timber in
2013. It primarily supplies Hampton's nearby lumber mill in Darrington, Wash., and does not supply
Weyerhaeuser's internal mills or strategic export customers. The
property also has the highest operating costs and lowest site
productivity and Douglas-fir mix in the company's western
portfolio, and it is not expected to materially contribute to
near-term or future Adjusted EBITDA.
"These transactions exemplify our ongoing effort to
strategically optimize and upgrade our timberland portfolio," said
Devin W. Stockfish, president and chief executive officer. "Our
Alabama acquisition will grow our near-term and long-term cash
flow, and the Washington sale
completes our targeted large-scale divestitures of non-strategic
acreage in the West. We will continue to seek prudent opportunities
to enhance our portfolio with high-quality, well-managed
timberlands that will drive long-term value for shareholders."
Weyerhaeuser owns or manages nearly 1.3 million acres and also
operates two mills, two nurseries and several other sites in
Washington, including its company
headquarters in Seattle. The
Washington disposition is subject
to customary closing conditions and is expected to close in the
third quarter of 2021.
ABOUT WEYERHAEUSER
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 2020, we
generated $7.5 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.
FORWARD-LOOKING STATEMENTS
This news release 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 future occurrence, timing, tax and financial
implications of its disposition of certain of its Washington timberlands, as well as the
expected financial contributions and economic results of the
closing of its acquisition of certain Alabama timberlands and future portfolio
enhancement opportunities. Forward-looking statements may be
identified by our use of certain words in such statements,
including without limitation words such as "anticipates," "expect,"
"future," "long-term," "near-term," "opportunities," "will," and
similar words, terms and phrases using such terms and words. We may
reference expected performance through, or events to occur by or
at, a future date, and such references may also constitute
forward-looking statements. All forward-looking statements speak
only as of the date hereof, are based on current expectations and
involve and are subject to a number of assumptions, risks and
uncertainties that could cause actual results to differ materially
from such forward-looking statements. These risks and
uncertainties include, but are not limited to, those identified in
our 2020 Annual Report on Form 10-K, as well as those set forth
from time to time in our other public statements, reports,
registration statements, prospectuses, information statements and
other filings with the SEC. In addition, Weyerhaeuser may not be
able to complete the transaction within the stated time period, or
at all, because of a number of factors, including without
limitation: the occurrence of any event, change or other
circumstances that could give rise to a termination of the
transaction under the terms of the purchase and sale agreement
governing the transaction, or the failure to satisfy other closing
conditions. There is no guarantee that any of the 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 business, results of operations, cash flows,
financial condition and future prospects. The company undertakes no
obligation to update any of these forward-looking statements after
the date of this news release.
For more information contact:
Analysts –
Beth Baum, 206-539-3907
Media – Nancy Thompson,
919-861-0342
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SOURCE Weyerhaeuser Company