Hancock acquires Snoqualmie Tree Farm
April 1, 2003 By Pulp & Paper Canada
Hancock Timber Resource Group will acquire the approximately 104,000-acre Snoqualmie Tree Farm from Weyerhaeuser Co…
Hancock Timber Resource Group will acquire the approximately 104,000-acre Snoqualmie Tree Farm from Weyerhaeuser Company for a purchase price of $185 million US.
The sale is expected to close in the second quarter of 2003.
Weyerhaeuser announced in January 2002 that it intended to sell the Snoqualmie Tree Farm to the Evergreen Forest Trust. The Trust planned to finance the transaction with tax-exempt bonds, which required congressional approval. The Trust was unable to gain that approval within the one-year period specified in the purchase and sale agreement. The agreement expired January 16, 2003.
Following the sale, Weyerhaeuser will own or manage approximately 1.2 million acres of timberland in Washington. Upon completion of the deal, Hancock Timber will manage approximately 420,000 acres of timberland in the Northwest, including approximately 230,000 acres in Washington State.
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