Rayonier Raises Texas Timberland Ownership, Buys 62.6K Acres for $88M
Rayonier (NYSE: RYN) 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.
The timberlands are located principally in Liberty, Polk and Trinity counties. Rayonier owns, leases or manages approximately 2.7 million acres in 10 states in the U.S. and New Zealand.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.