Weyerhaeuser is selling 104,000 acres of Washington forestlands to a Boston investment company for US$185m.
The Snoqualmie Tree Farm, previously the subject of a landmark land preservation deal, is being sold to Hancock Timber Resources Group.
Last year Weyerhaeuser had agreed to sell the land to the Evergreen Forest Trust, which planned to preserve 20% of the forests and continue logging the rest. But the deal stalled when the trust was unable to secure tax-exempt status for bonds needed to finance the purchase.
The company says it will use the proceeds to reduce some of its US$13bn debt.
