Weyco Purchases More Acreage In Carolinas
Weyerhaeuser Co. is purchasing 80,800 acres of timberland in North Carolina and South Carolina from a fund managed by Campbell Global for $265 million. The acquisition is composed of highly productive timberlands situated in strong coastal markets and strategically located to deliver immediate synergies with existing Weyerhaeuser timber and mill operations.
Key components include:
—Fee ownership with 89% planted pine acreage and strong site productivity delivering attractive long-term timber returns
—Well-stocked timber inventory with a mature age class producing attractive sawlog mix and average harvest of 6.5 tons per acre (or 520,000 tons) annually over the first 10 years
—Expected average Adjusted EBITDA of approximately $160 per acre (or $13 million) annually from timber operations over the first 10 years
With this acquisition, Weyerhaeuser will own or manage more than 900,000 acres of timberland in the Carolinas, and the company also operates four mills, a distribution center and tree nursery and hosts multiple mitigation banks and real estate development projects, while employing more than 700 between the two states.
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