IP To Invest $175M In Eastover, SC Mill
Weyerhaeuser To Add To Oregon Timberlands
Memphis, Tennessee based International Paper (IP) will in- vest $175 million during the next 10 years in its Eastover, South Carolina mill. The investment will support cost effi- ciency as well as environmental and maintenance initia- tives, according to a news release from Richland County. “International Paper’s ongoing investment in its Rich- land County operations is a testament to the success a business can experience in our community due to our business-friendly environment and skilled workforce,” said Richland County Council Chair Paul Livingston in a news release. “With this $175 million investment, the company is demonstrating a commitment to continued reinvestment in our area.” The Eastover facility has approximately 700 employees and contributes around $90 million in annual economic impact, according to the release. The plant manufactures uncoated freesheet paper and pulp that is converted into products used for education, communication and hygiene. “Our planned investment represents our ongoing fo- cus on maintaining safe and reliable operations, meeting the needs of our customers and providing good jobs to the region,” said Hai Ninh, Eastover Mill Manager. “We are grateful for the support of county leaders and our commu- nity partners as they play an important role in our success.”
Seattle, Washington based Weyerhaeuser Company an- nounced it has entered into two distinct agreements to purchase timberlands from and sell timberlands to funds managed by Hancock Natural Resource Group, a Manulife Investment Management company. The company is purchasing approximately 85,000 acres of timberlands in mid-coastal Oregon in one transac- tion, and selling 149,000 acres of timberlands in southern Oregon in a second transaction. The net cost of these two separate transactions is approximately $40 million in cash. “These two agreements represent a unique opportunity to further enhance Weyerhaeuser’s Western timberlands portfolio with exceptional land that is contiguous with our existing ownership,” said Devin W. Stockfish, President and Chief Executive Officer. “Through these transactions, we are acquiring highly productive timberland with low operating costs and strong access to key domestic and export markets, and we expect them to deliver immediate and long-term value for our shareholders.” The transactions are subject to customary closing con- ditions and are expected to close in the Q4 2020. Weyerhaeuser owns nearly 12.4 million acres of timber- lands in the U.S. and manages an additional 14.0 million acres timberlands under long-term licenses in Canada.
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September 7, 2020
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