Weyerhaeuser Co. redeemed its 21% ownership interest in the Twin Creeks Timber LLC joint venture for $107.5 million in cash and also agreed to sell 100,000 acres of timberlands to the joint venture for $202.5 million.
The joint venture was formed between Plum Creek Timber Co. Inc. and a few institutional investors. Weyerhaueuser assumed Plum Creek's investment in the venture following its acquisition of the company in February 2016 and became the manager of the Twin Creeks timberlands.
The sale, expected to close by year-end, comprises 80,000 acres of timberlands in Mississippi and 20,000 acres in Georgia.
Weyerhaeuser will also terminate its management deals for the Twin Creeks timberlands, effective Dec. 31.
Weyerhaeuser President and CEO Doyle Simons said in a release that the company was simplifying its operations through the transactions in order to "focus on management of [their] own timberlands while continuing to strategically optimize [their] timberland portfolio."