Weyerhaeuser Completes Sale of Timberlands to Hancock Timber Resource Group

04.02.2011  |  Business Wire

Weyerhaeuser Company (NYSE:WY) today announced the completion of the
sale of approximately 82,000 acres of timberlands in southwestern
Washington to the Hancock Timber Resource Group for approximately $200
million.

This will contribute approximately $150 million in earnings in the first
quarter. The sale is part of an ongoing process to optimize the
company′s timberlands portfolio to ensure its ownership fits the
long-term strategic needs of the company.

'Today′s sale represents the continued efforts to strategically
rebalance our timberlands,? said Dan Fulton, Weyerhaeuser president and
CEO. 'We have a competitive advantage in growing and processing Douglas
fir, and the sale focuses our Western operations on managing that
species. While the land sold is high-quality, productive timberlands, it
no longer fits our long-term strategic plan.?

Following the sale, Weyerhaeuser will own or manage more than one
million acres of timberland in Washington and will operate in more than
20 locations, including its corporate headquarters in Federal Way.
Weyerhaeuser employs nearly 3,800 people in the region. Nationwide,
Weyerhaeuser will continue to own and manage more than six million acres
of timberland.

'Trees and land are the core of the company,? Fulton said. 'We are the
largest private landowner in the Pacific Northwest, and we remain
committed to this region for the long term.?

'These highly productive timberlands represent an excellent investment
opportunity for our clients, and we′re very pleased to be able to
acquire them,? said Dan Christensen, president of the Hancock Timber
Resource Group. 'This transaction is part of our ongoing effort to
secure high-quality timberlands for our investors.'

About the Hancock Timber Resource Group

The Hancock Timber Resource Group, a division of Hancock Natural
Resource Group, Inc., an operating company of Manulife Asset Management,
is based in Boston and manages approximately 5.3 million acres of
timberland across the United States and in Brazil, Canada, New Zealand
and Australia. Additional information about Hancock Timber may be found
at www.hancocktimber.com.

About Weyerhaeuser

Weyerhaeuser Company, one of the world′s largest forest products
companies, began operations in 1900. We grow and harvest trees, build
homes and make a range of forest products essential to everyday lives.
We manage our timberland on a sustainable basis in compliance with
internationally recognized forestry standards. At the end of 2010, we
employed approximately 14,000 employees in 10 countries. We have
customers worldwide and generated $6.6 billion in sales in 2010. Our
stock trades on the New York Stock exchange under the symbol WY.
Additional information about us is available at http://www.weyerhaeuser.com.