Weyerhaeuser closes on Carolina timberlands deal

Weyerhaeuser has completed its acquisition of 80,800 acres of timberlands in North and South Carolina from a fund managed by Campbell Global for approximately $265 million. 

With this acquisition, Weyerhaeuser now owns or manages more than 900,000 acres of timberlands in the Carolinas where the company also operates four mills, a distribution center, and tree nursery, among other operations.

The Seattle-based forest products company said it employs 700 people between the two states.

This transaction was announced in last month with Weyerhaeuser noting that the deal includes highly productive timberlands situated in strong coastal markets and strategically located to deliver immediate synergies with existing timber and mill operations.

Founded in 1900, Weyerhaeuser owns or controls approximately 11 million acres of timberlands in the United States and manages additional timberlands under long-term licenses in Canada. 

Earlier this month, Weyerhaeuser reported the company reached first quarter 2022 net sales of $3.1 billion, rising 24% from net sales of $2.5 billion in the first quarter of 2021.

Timberland sales more than doubled to $128 million during the period from sales of $59 million in the fourth quarter 2021.

Net earnings for the quarter rose 13.2% to $771 million from first quarter 2021 net earnings of $681 million.