On Friday forest products companies MeadWestvaco and Weyerhaeuser both announced the completion of timberland sales as part of their streamlining processes.
MeadWestvaco, formed by the merger of Mead and Westvaco earlier this year, completed the sale of 95,000 acres of forestland and received $50 million in cash for the property. Weyerhaeuser closed the $211 million sale of 115,000 acres of timberlands. Proceeds of the sale will be used to pay down debt following its acquisition of Willamette Industries in February this year.
16-Dec-2002
