JACKSONVILLE, FL , Dec. 18, 2012 (Business Wire) -
Rayonier today announced it has acquired approximately 62,600 acres of timberlands in East Texas. The property, purchased from a private ownership group for $88 million, or $1,406 per acre, brings the company's total ownership in Texas to over 150,000 acres.
"These timberlands, located in one of the most competitive wood baskets in the Gulf States, significantly increase Rayonier's landholdings in Texas and enable us to better support our existing paper, pulp and solid wood customers," said Paul G. Boynton, chairman, president and chief executive officer. "With the majority of this property located within 60 miles of the Houston metropolitan area, it also provides tremendous value creation potential for our higher-and-better-use land sales program."
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