Weyerhaeuser to Sell Acreage And Mills to U.S. Timberlands
April 04, 2011
FEDERAL WAY, Wash. -- Weyerhaeuser Co. said Tuesday it agreed to sell some mills and 600,000 acres of Eastern Oregon forest land to U.S. Timberlands for $309 million. The sale includes hardboard, particleboard and plywood manufacturing plants at Klamath Falls, Ore., and nursery and seed orchard facilities. U.S. Timberlands said it intends to sell the manufacturing plants to Collins Products and concentrate on managing the timberland, which is primarily pine forest. Weyerhaeuser employs 700 people in Klamath Falls. An earlier deal to sell the Klamath Falls holdings to Roseburg Forest Products Co. collapsed early this year. The deal is the first investment for U.S. Timberlands. The limited partnership based in Bandon, Ore., and New York City was formed to acquire, operate and manage timberlands and related assets. Collins Products is a subsidiary of Portland, Ore.-based Collins Holdings, a forest products holding company with forest land and manufacturing operations in Oregon, California and Pennsylvania. Gross said it was selling the holdings so it could concentrate on its Douglas fir-growing regions in Washington and Oregon. The transaction is scheduled to close by the end of August.
