Weyerhaeuser Completed Acquisition of Southwest Alabama Timberlands

SEATTLE (Scrap Monster): Weyerhaeuser Company announced that it has completed acquisition of 69,200 acres of high-quality Alabama timberlands from Soterra. The acquisition deal was valued at approximately $149 million. Also, it announced that it has reached an agreement worth $266 million with Hampton Resources on sale of its 145,000 acres of timberlands in the North Cascades region of Washington.

Devin W. Stockfish, president and chief executive officer commented that the transactions are part of its strategic efforts to optimize and upgrade its timberland portfolio. The Alabama acquisition will help the company to boost its near-term and long-term cash flow, whereas the Washington timberlands sale marks the culmination of its targeted large-scale divestitures of non-strategic acreage in the West.

Meantime, the company reported first quarter 2021 net earnings of $681 million, or 91 cents per diluted share. This compares with net earnings of $150 million, or 20 cents per diluted share in the comparable quarter a year before. Also, net sales surged from $1.7 billion to $2.5 billion, over the year. The adjusted EBITDA for the initial quarter of the year stood at $1.1 billion, as compared with $413 million a year before.