Weyerhaeuser Announces Deal To Sell Timberlands In Washington Seattle, Washington based Weyerhaeuser Company an- nounced the completion of its acquisition of 69,200 acres of high-quality Alabama timberlands from Soterra, a sub- sidiary of Greif, Inc., for approximately $149 million earlier this week. Separately, the company announced an agree- ment to sell 145,000 acres of timberlands in the North Cas- cades region of Washington to Hampton Resources for $266 million. The company expects to recognize a gain on the sale and anticipates no tax liability in conjunction with this transaction. The Washington disposition is largely comprised of high-elevation terrain in the North Cascades range, with approximately 25 percent of the acres located in Chelan County on the east side of the mountains. Weyerhaeuser acquired the property through the acquisition of Longview Timber in 2013. It primarily supplies Hampton’s nearby lumber mill in Darrington, Washington, and does not sup- ply Weyerhaeuser’s internal mills or strategic export cus- tomers. The property also has the highest operating costs and lowest site productivity and Douglas-fir mix in the company’s western portfolio, and it is not expected to ma- terially contribute to near-term or future Adjusted EBITDA. “These transactions exemplify our ongoing effort to strategically optimize and upgrade our timberland portfo- lio,” said Devin W. Stockfish, President and CEO. “Our Al- abama acquisition will grow our near-term and long-term cash flow, and the Washington sale completes our target- ed large-scale divestitures of non-strategic acreage in the West. We will continue to seek prudent opportunities to enhance our portfolio with high-quality, well-managed tim- berlands that will drive long-term value for shareholders.” Weyerhaeuser owns or manages nearly 1.3 million acres and also operates two mills, two nurseries and several oth- er sites in Washington, including its company headquar- ters in Seattle. The Washington disposition is expected to close in the third quarter of 2021. Michelman Hires Two Associates To Expand Print & Packaging Segment Cincinnati, Ohio based Michelman has invested in its Print- ing & Packaging business segment by adding two new as- sociates to better serve its customers’ needs in the digital printing and flexible packaging markets. Gianluigi Rankin has joined Michelman as Global Mar- keting Manager for Digital Printing. Rankin will be respon- sible for the global market strategy and programs in Mi- chelman’s digital printing segment. He brings 25 years of digital print industry experience, most recently as the Director of Product Management at Memjet. Prior to that, Rankin held a variety of product marketing and product management roles with HP.
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May 10, 2021
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