US timber investment management group Forestland has bid US$465m for hardwood company Anderson-Tully.
The deal, expected to be completed early this year, involves more than 323,000 acres of hardwood forests in four US states, plus sawmilling and veneer operations.
The acquisition would move Forestland into the milling of timber for the first time. Until now its operations have been focused on investing in and managing hardwoods and pine forests for investors.
Forestland currently owns more than 1.8 million acres in 16 US states and is reckoned to be the second biggest timber investment company after Hancock Timber Resource Group.
Anderson Tully, founded in 1889, recorded sales of US$95m in 2004, the same year it sold its engineered wood division to another timber investment group. The company has sales offices in Italy, Mexico, China and Vietnam.
