Weyerhaeuser selling Montana timberlands

Weyerhaeuser reported that it will sell 630,000 acres of timberlands in Montana to a private timberland investment company in a $145 million cash deal.

"The sale of our Montana acreage is part of our ongoing effort to strategically optimize our timberland portfolio," said Devin Stockfish, president and CEO of Weyerhaeuser. "The transaction includes a diverse mix of softwood species and an existing 110,000-acre conservation easement which preserves public access in perpetuity."

The transaction is expected to be completed in the second quarter of 2020.

Weyerhaeuser also noted that its three manufacturing facilities in Montana are not impacted by the sale.

"Our manufacturing operations in Montana continue to deliver strong results," said Stockfish. "Our people have done an outstanding job driving improvement in safety and operational excellence over the past several years, and they also do terrific work to support the communities where we operate."

Based in Seattle, Wash., Weyerhaeuser owns or controls approximately 12 million acres of timberlands in the U.S. and manages additional timberlands under long-term licenses in Canada.

Last month, Weyerhaeuser completed the sale of 550,000 acres of timberlands in Michigan to Lyme Great Lakes Holding LLC in a $300 million cash deal.