Hancock Timber Resource Group Completes Acquisition Of Snoqualmie Tree Farm from Weyerhaeuser.Business Editors FEDERAL WAY, Wash.--(BUSINESS WIRE)--May 16, 2003 The Hancock Timber Resource Group today completed the acquisition of the approximately 104,000-acre Snoqualmie Tree Farm in western Washington
Western Washington is a region of the United States defined as that part of Washington west of the Cascade Mountains. from Weyerhaeuser Company (NYSE NYSE See: New York Stock Exchange :WY) for a purchase price of $185 million. This purchase was announced earlier on March 10, 2003. Weyerhaeuser now owns or manages approximately 1.2 million acres of timberland in Washington and will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale to help pay down debt associated with the acquisition of Willamette Industries. Hancock Timber manages approximately 420,000 acres of timberland in the Northwest, including approximately 230,000 acres in Washington State. Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2002, sales were $18.5 billion. It has offices or operations in 18 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser's businesses, products and practices is available at www.weyerhaeuser.com. Hancock Timber Resource Group is the world's largest timberland investment management organization for institutional investors with 3.4 million acres and more than $3.0 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Australia. Additional information about Hancock Timber can be found at www.hancocktimber.com. Boston-based Hancock Timber is a division of Hancock Natural Resource Group Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of John Hancock Financial Services (NYSE:JHF JHF John Henry Foster Co. (St. Louis, MO) JHF Jewish Healthcare Foundation JHF Juvenile Hyaline Fibromatosis ). John Hancock Financial Services, Inc. is a leading financial services company, providing a broad array of insurance and investment products and services to retail and institutional customers. As of March 31, 2002, Hancock and its subsidiaries had total assets under management of $130.4 billion. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion