Forest products company Weyerhaeuser Co has sold about 304,000 acres of Georgia timberlands for around US$404m.
It said the money will be used to pay down debt.
The timberland sales – to Virginia Forest Investment LLC, Georgia Fall Line Properties LLC, Southern Timber Consultants LLC and Copper Station Holdings 3 – are expected to close in the third quarter.
Once the sales are finalised, Weyerhaeuser said it will own or manage about 6.5 million acres of US timberland and continue operating nine facilities in Georgia.
