Weyco Buys Land In NC, Virginia From Roseburg

Weyerhaeuser Co. is acquiring 117,000 acres in North Carolina and Virginia from Roanoke Timberlands LLC, a subsidiary of Roseburg Forest Products, for $375 million. 

Composed of mature, highly productive timberlands, the acreage will be well-integrated with existing Weyerhaeuser timberland and mill operations in North Carolina, and will expand the company’s footprint into attractive markets in southeastern Virginia and will offer substantial alternative value opportunities. 

The timberland is located in strong and growing sawlog and fiber markets in the U.S. South; is primarily fee ownership with 81% planted pine acreage, strong site productivity and favorable all-weather logging operability; is mature planted pine age class expected to produce an average annual harvest of 7.4 tons per acre (or 860,000 tons) over the first five years; is expected to deliver an average annual timber free cash flow yield of 5.1% over the first five years; and offers significant optionality to capture additional upside from real estate, natural climate solutions and natural resource opportunities

Devin Stockfish, President and CEO, notes that upon closing of this acquisition, Weyerhaeuser will have acquired more than $1.1 billion of high-quality timberlands since the beginning of 2022.

The acquisition is expected to close in the third quarter, at which time Weyerhaeuser will own or manage 744,000 acres of timberlands in North Carolina and 150,000 acres in Virginia, along with three mills, two distribution centers and additional field offices—employing more than 600 across the two states.