Weyerhaeuser's Westwood Shipping Lines, which carries lumber and other cargo between North America and Asia, is being sold to a subsidiary of Japan's Sumitomo Warehouse , Seattletimes reports.
J-WesCo, a subsidiary of Sumitomo Warehouse in Japan, will buy the Federal Way-based unit in a $53 million deal that's expected to close next month.
Weyerhaeuser has tried since at least 2008 to sell Westwood, which has a fleet of seven ships operating between North America and Japan, Korea and China. The deal with J-WesCo was inked in early June.
Westwood often ships newsprint, lumber, pulp and agricultural products to Asia, and brings automotive parts, motorcycles, parts for Boeing airplanes, outboard engines, tires and heavy cargo like generators back to North America.
According to Reuters, it had revenue of $246 million last year.
Westwood will move its 70-some workers in September from Weyerhaeuser's headquarters to a 92-Acre South Hill Business and Technology Center in Puyallup, its new landlord Benaroya Co. said in a release.
The sale is part of Weyerhaeuser's continued divestiture of businesses that are no longer central to its core timberland business. In recent years, it has sold its paper and packaging businesses, and in June it sold its hardwoods business.
Weyerhaeuser continues to own businesses that build homes, make softwood products and sell cellulose fiber for things like diapers.
J-WesCo, a subsidiary of Sumitomo Warehouse in Japan, will buy the Federal Way-based unit in a $53 million deal that's expected to close next month.
Weyerhaeuser has tried since at least 2008 to sell Westwood, which has a fleet of seven ships operating between North America and Japan, Korea and China. The deal with J-WesCo was inked in early June.
Westwood often ships newsprint, lumber, pulp and agricultural products to Asia, and brings automotive parts, motorcycles, parts for Boeing airplanes, outboard engines, tires and heavy cargo like generators back to North America.
According to Reuters, it had revenue of $246 million last year.
Westwood will move its 70-some workers in September from Weyerhaeuser's headquarters to a 92-Acre South Hill Business and Technology Center in Puyallup, its new landlord Benaroya Co. said in a release.
The sale is part of Weyerhaeuser's continued divestiture of businesses that are no longer central to its core timberland business. In recent years, it has sold its paper and packaging businesses, and in June it sold its hardwoods business.
Weyerhaeuser continues to own businesses that build homes, make softwood products and sell cellulose fiber for things like diapers.
