Weyerhaeuser Completes Sale of 145,000 Acres of Timberlands in Washington's North Cascades

Rhea-AI Summary

Weyerhaeuser Company (NYSE: WY) has completed the sale of 145,000 acres of timberlands in Washington's North Cascades to Hampton Resources for $266 million. The company had announced this transaction in April 2021 and expects to incur no tax liability from the sale. This move aligns with Weyerhaeuser's strategy of managing its timberland assets sustainably. With around 11 million acres under management, Weyerhaeuser continues to be a significant player in the timber industry.

Positive

• Sale of 145,000 acres of timberlands for $266 million enhances liquidity.
• No anticipated tax liability from the sale improves financial outlook.

Negative

• None.

SEATTLE, July 8, 2021 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced the completion of the sale of 145,000 acres of timberlands in the North Cascades region of Washington to Hampton Resources for $266 million. The transaction was announced in April 2021, and the company anticipates no tax liability in conjunction with the sale.

ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in America. Our company is a real estate investment trust. In 2020, we generated $7.5 billion in net sales and employed approximately 9,400 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com. 

FORWARD-LOOKING STATEMENTS
This news release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the company's expectations concerning the tax implications related to the disposition of certain of its Washington timberlands. These statements are based on current expectations and involve and are subject to assumptions, risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. The company undertakes no obligation to update any of these forward-looking statements after the date of this news release.

For more information contact:
Analysts – Beth Baum, 206-539-3907
Media – Nancy Thompson, 919-861-0342

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SOURCE Weyerhaeuser Company

FAQ

What did Weyerhaeuser announce on July 8, 2021?

Weyerhaeuser announced the completion of the sale of 145,000 acres of timberlands in Washington's North Cascades for $266 million.

What is the significance of the $266 million timberland sale by Weyerhaeuser?

The $266 million sale enhances Weyerhaeuser's liquidity and financial flexibility.

Is there any tax liability associated with Weyerhaeuser's timberland sale?

Weyerhaeuser anticipates no tax liability from the sale of its timberlands.

When was the transaction of Weyerhaeuser's timberland sale first announced?

The transaction was announced in April 2021.

How many acres of timberlands does Weyerhaeuser manage after the sale?

Weyerhaeuser continues to manage approximately 11 million acres of timberlands.