The Seattle timber giant is selling its last properties outside North America.
Weyerhaeuser has agreed to sell its timberlands and related manufacturing operations in Uruguay for $402 million, shedding the last of its properties outside North America.
The Seattle-based company said Monday the buyer is a group led by the Timberland Investment Group of BTG Pactual, a Brazilian financial firm.
Weyerhaeuser said the sale covers more than 300,000 acres 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 company announced it was considering a sale in October. The transaction is expected to close by year-end.
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Weyerheauser describes itself as one of the world’s largest private owners of timberland, owning or controlling more than 13 million acres primarily in the U.S. and managing additional forests in Canada under long-term licenses.