Weyerhaeuser announced the completion of the sale of its timberlands and manufacturing business in Uruguay to a consortium led by BTG Pactual's Timberland Investment Group (TIG) for $402.5 million in cash. The company expects it will incur minimal taxes in conjunction with the sale.
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.
"The TIG consortium is acquiring a unique combination of high-quality timber and manufacturing assets and gaining an exceptional team of highly-skilled employees," said Doyle R. Simons, president and chief executive officer. "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."
Weyerheauser owns and controls more than 13 million acres primarily in the U.S. and manages additional forests in Canada under long-term licenses.