Weyerhaeuser Closes New Zealand Deal

Weyerhaeuser Co. has completed its purchase of a unit of New Zealand-based Fletcher Challenge Forests for about $185 million.

The Fletcher unit, Tasman Forestry (Nelson) Ltd., owned 51 percent of a joint venture that holds about 193,000 acres, much of it forested, on the northern end of New Zealand’s South Island.

Weyerhaeuser, now the 51 percent partner in the joint venture, is responsible for management and marketing. The remaining interest is still held by RII New Zealand Forests I, a unit of Union Bank of Switzerland.

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