Weyerhaeuser closes Longview Timber deal
Weyerhaeuser Company has completed its acquisition of Longview Timber LLC. The deal includes approximately 645,000 acres of timberlands in Washington and Oregon.
"This acquisition is a truly unique opportunity for us to grow our high-value timberlands assets west of the Cascade Mountains," said Dan Fulton, president and CEO of Weyerhaeuser. "This region provides excellent soil and climate conditions for growing Douglas fir, which is a preferred species for many of our customers. We intend to leverage our silviculture, infrastructure, logistics and marketing expertise to realize the full potential of these lands, which are highly complementary to our existing ownership in the area."
The acquisition of Longview, which previously belonged to affiliates of Brookfield Asset Management, increases Weyerhaeuser’s presence in the Pacific Northwest timberlands by 33% to total about 2.6 million acres.
Sales are up at Lumber Liquidators
The important spring remodeling season was good to Toano, Va.-based Lumber Liquidators.
The flooring retailer’s net sales increased 22.2% to $257.1 million in the second quarter, as comparable-store sales increased 14.9%.
Net income for the company increased to $20.4 million in the three months ended June 30, up from $12.2 million in the same quarter last year.
The 300-plus location retailer opened seven new stores in the quarter, and is experimenting with a new prototype design.
“Since the end of 2008, we have doubled our footprint and provided more than 1.9 million customers with their flooring solution,” said Robert Lynch, president and CEO. “We believe our new ‘store of the future’ format is resonating well with a broader base of customers, and we look forward to bringing our total store count in this new format to approximately 50 by year-end.”