Weyerhaeuser completed previously announced sale of its timberlands and manufacturing business in Uruguay to a consortium led by BTG Pactual’s Timberland Investment Group (TIG) for USD 402.5 million in cash. The company expects it will incur minimal taxes in conjunction with the sale.
According to the announcement, the transaction includes over 300,000 acres (120,000 hectares) of timberlands in northeastern and north central Uruguay, as well as a plywood and veneer manufacturing facility, a cogeneration facility, and a seedling nursery.
Doyle R. Simons, Weyerhaeuser’s president and CEO, commeneted:
“The TIG consortium is acquiring a unique combination of high-quality timber and manufacturing assets and gaining an exceptional team of highly-skilled employees. I want to thank the employees of the Uruguay team for continuing to operate safely throughout the strategic review process and for their contributions to Weyerhaeuser over the years.”
In 2Q2017 Weyerhaeuser increased EBITDA margin to 27.9%.
Earlier Weyerhaeuser announced plans to delist from the Chicago Stock Exchange.
The company is one of the world’s largest private owners of timberlands. It owns or controls more than 13 million acres of timberlands, primarily in the U.S., and manage additional timberlands under long-term licenses in Canada. The company manages these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood products. In February 2016, Weyerhaeuser merged with Plum Creek Timber Company. In 2016, we generated $6.4 billion in net sales and employed approximately 10,400 people who serve customers worldwide.