Brookfield Asset Management announced Monday that it will purchase Longview Fibre Co., headquartered in Longview, WA, for about $2.15 billion including assumed debt.
Under the terms of the transaction, Brookfield will acquire Longview Fibre's 588,000 acres of softwood timberlands mostly in western Washington and Oregon, along with a pulp and paper complex in Longview and 15 corrugated container plants in 12 states.
Brookfield, headquartered in Toronto, Canada, currently manages 2 million acres of timberlands in North and South America, including 635,000 acres on the British Columbia west coast, close to Longview's timberlands in the Pacific Northwest.
The company will continue to operate the specialty paper and packaging business under the Longview Fibre name.
“We believe that there are significant opportunities to enhance these operations and generate attractive returns which will provide employment stability to the communities in which Longview operates,”said Sam Pollock, Brookfield's managing partner.