MeadWestvaco to sell another 700,000 acres

STAMFORD, Conn. – MeadWestvaco Corp. said Friday it is looking to sell an additional 700,000 acres of timberlands, after completing a review of its 3.1 million acres of U.S. holdings.

The paper-products company, which has a mill in Rumford, Maine, said the sale would scale down its holdings to match the long-term needs of its paper mills.

The assets identified for sale are in addition to 450,000 acres previously identified as “nonstrategic” to the company’s long-term plans, of which about 250,000 acres remain to be sold, the company said.

There are currently no firm commitments in place for specific properties or potential buyers for the additional acres, MeadWestvaco said.

During the second quarter, MeadWestvaco sold 34,000 acres, resulting in a gain of $16 million.

The Stamford-based company expects to complete the sale of all nonstrategic timberlands within five years, leaving it with 2.2 million acres.