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Weyerhaeuser Co sells acres of timberland in Oregon
21/08/2009
In a strategic move, forestry giant Weyerhaeuser Co has announced the sale of 140,000 acres of timberland in Oregon for the huge sum of $300 million.
The sale of the timberland to The Campbell Group is part of a wider plan to offload around 10 per cent of its ‘non strategic’ timberland in the Pacific Northwest. This also involves the firm looking for a buyer for 82,000 acres in Washington.
Despite the sale, the firm will still operate around a million acres of forest land in Oregon and around 6 million across the entire US.
The sale of the timberland is expected to contribute around $100 million after tax to the firm’s third quarter results. Weyerhaeuser’s spokesperson, Greg Miller explained the move, “Most of the land sold is high quality land. It's very productive land but the stands are predominantly hemlock and spruce. That was the rationale. It more or less represents strategic rebalancing of our timberlands."
The Campbell Group runs land and forests for investors and according to Jim Geisinger, from the Associated Oregon Loggers, "the Campbell Group owns a lot of land in the Northwest, and from what we can tell they're good land managers."â
The sale of the timberland to The Campbell Group is part of a wider plan to offload around 10 per cent of its ‘non strategic’ timberland in the Pacific Northwest. This also involves the firm looking for a buyer for 82,000 acres in Washington.
Despite the sale, the firm will still operate around a million acres of forest land in Oregon and around 6 million across the entire US.
The sale of the timberland is expected to contribute around $100 million after tax to the firm’s third quarter results. Weyerhaeuser’s spokesperson, Greg Miller explained the move, “Most of the land sold is high quality land. It's very productive land but the stands are predominantly hemlock and spruce. That was the rationale. It more or less represents strategic rebalancing of our timberlands."
The Campbell Group runs land and forests for investors and according to Jim Geisinger, from the Associated Oregon Loggers, "the Campbell Group owns a lot of land in the Northwest, and from what we can tell they're good land managers."â
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