Caisse de dépôt et placement du Québec (CDPQ) acquires 307 sq km (76,000 acres) of forest land in Georgia in partnership with US company Westerwelt, thereby forming a new strategic partnership to focus on sustainable forest management.
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The amount of investment in CDPQ is not specified.
The newly purchased property produces high quality pine. It was previously owned and operated for over a century by Superior Pine Products, a family business headquartered in the “Fishing State”.
“This is a very rare opportunity to buy extraordinary property in southeastern Georgia. This land is in line with Westerwelt’s strategic objectives for development and diversification, and helps to strike a balance between the age growth and sustainability of its species,” said Brian Luma, Westerwelt’s President and CEO.
“This transaction is a good example of the goal of our sustainable land management effort. […] That is why we are pleased for this first investment in the United States as part of our partnership to focus on the sustainability and innovation of the Westerweld family business, ”said Emmanuel Jacklot, Senior Vice President and Chief of Infrastructure at CDPQ.
“We hope that forests will become an important asset and that they will become more important in the fight against climate change and the transition to a greener economy,” Mr Jacklot said.
Westerwelt, headquartered in Tuscaloosa, Alabama, was founded in 1884 by Herbert Westerwelt and is still family-owned and operated. The American company is involved in land management and wood products. It specializes in sustainable forest management, responsible resources for forest products and services, natural resource management and environmental protection.
The US company said in a statement on Monday that the company’s innovative tradition was a key factor in its interest in partnering with CDPQ.