FEDERAL WAY, Wash.--(BUSINESS WIRE)--Aug. 13, 2009--
Weyerhaeuser Company (NYSE:WY) today announced it has agreed to sell
approximately 140,000 acres of timberlands in northwestern Oregon to an
entity affiliated with The Campbell Group LLC for approximately $300
million. The sale is expected to close in the third quarter of 2009. The
transaction is expected to contribute approximately $100 million
after-tax to third quarter earnings. The sale represents Weyerhaeuser’s
continued focus on improving financial flexibility and liquidity.
In addition to the Oregon property, the company announced that it will
hold discussions with interested buyers to evaluate the sale of up to an
additional 82,000 acres in as many as five tracts of land in
southwestern Washington state.
The land sold and for sale represent about 10 percent of company
holdings in the Pacific Northwest. Nationwide, Weyerhaeuser will
continue to own and manage more than 6 million acres of timberlands.
“The land sale represents a strategic re-balancing of our timberlands,”
said Dan Fulton, Weyerhaeuser president and CEO. “We have a competitive
advantage in growing and processing Douglas fir, and the sale focuses
our Western operations on managing that species. While the land sold and
for sale is high-quality, productive timberlands, the stands are
predominantly hemlock, spruce and species other than Douglas Fir.”
Following the sales, Weyerhaeuser will own or manage nearly 1 million
acres of timberland in Oregon and will operate in more than 20 locations
across the state. In Washington state, it will own or manage more than 1
million acres of timberland and will operate in more than 20 locations,
including its corporate headquarters in Federal Way. Weyerhaeuser
employs nearly 6,000 people in the region.
“Trees and land are still the core of our company,” Fulton said. “We
continue to be one of the largest private landowners in the Pacific
Northwest, and we remain committed to this region for the long term.”
About the Buyer
Portland, Ore.-based The Campbell Group LLC is a vertically integrated,
full-service timberland
investment advisory firm founded in 1981, to acquire and manage
timberland for investors. Its focus is exclusively on creating
acquisition opportunities and managing them to produce superior
risk-adjusted returns. The Campbell Group manages over 2.85 million
acres representing over $5.3 billion in timberland assets. It is one of
the largest timber investment managers in the world. More information
about The Campbell Group LLC is available at http://www.campbellgroup.com.
About Weyerhaeuser
Weyerhaeuser Company, one of the world’s largest forest products
companies, was incorporated in 1900. In 2008, sales were $8 billion. It
has offices or operations in 10 countries, with customers worldwide.
Weyerhaeuser is principally engaged in the growing and harvesting of
timber; the manufacture, distribution and sale of forest products; and
real estate construction and development. Additional information about
Weyerhaeuser’s businesses, products and practices is available at http://www.weyerhaeuser.com.
Source: Weyerhaeuser Company
Weyerhaeuser Company
Media:
Greg French,
253-924-2806
or
Analysts:
Kathy McAuley,
253-924-2058
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