Weyerhaeuser reported that it has completed two separate transactions in which it purchased timberlands from and sold timberlands to funds managed by Hancock Natural Resource Group, a Manulife Investment Management company.
The Seattle-based forest products company purchased 85,000 acres of timberlands in mid-coastal Oregon in one transaction and sold 149,000 acres in southern Oregon in a separate transaction, for a net cost of approximately $40 million in cash.
Weyerhaeuser said that it does not expect any tax liability in conjunction with the sale.
"Oregon is an incredibly important operating region for us, and we're always looking for opportunities to enhance our portfolio," said Devin Stockfish, president and chief executive officer. "Through these transactions, we're gaining highly productive timberland, streamlining operating costs and access to key domestic and export markets, and strengthening our ability to deliver immediate and long-term value for our shareholders."
Weyerhaeuser owns or controls approximately 11 million acres of timberlands in the U.S. and manages additional timberlands under long-term licenses in Canada.
HBSDealer first reported about the deals in September.