Boise Cascade LLC is to sell approximately 2.2 million acres of timberland located across the Pacific north-west, Louisiana, Alabama and Minnesota, to Forest Capital Partners LLC for $1.65 billion in cash.
As part of the agreement, which will be used to reduce Boise’s outstanding debts, Forest Capital will continue to supply fibre to Boise’s pulp and paper mills and wood products manufacturing facilities.
Boise CEO Tom Stephens said: "This sale, which is in line with our strategy of rapid debt reduction, will significantly strengthen our balance sheet and allow us to focus on our paper, wood products and distribution businesses."
Boise (ID)
