By Roshan Fernandez
Weyerhaeuser is acquiring timberlands across two states for $375 million in a deal that will add to its existing 10.4 million acres of holdings.
The Seattle-based company said Thursday its agreement to acquire about 117,000 acres from Roanoke Timberlands, a subsidiary of Roseburg Forest Products, will close in the third quarter.
Weyerhaeuser, one of the largest lumber producers in the country, said once the deal is complete it will own or manage about 744,000 acres of in North Carolina and 150,000 acres in Virginia.
The acquisition will deliver immediate cash-flow within the company's Southern Timberlands business, it said.
Weyerhaeuser touted the site's productivity and favorable logging weather conditions. Over the first five years, the mature planted pine age class is expected to produce an average annual harvest of 7.4 tons per acre, the company said.
Following the close, Weyerhaeuser will have spent more than $1.1 billion to buy timberlands since the start of 2022, meeting a multi-year growth target the company announced in 2021, Chief Executive Devin Stockfish said.
Write to Roshan Fernandez at roshan.fernandez@wsj.com
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