Willamette, Hanson Cut $1.6-Billion Deal

Willamette Industries Inc. said Tuesday it agreed to buy a sawmill and more than 1 million acres of timberland from a Hanson PLC unit for $1.59 billion.

Willamette plans to sell nearly half the acreage for more than $600 million once the sale closes on May 15.

Hanson, a British industrial conglomerate, recently announced plans to scale back much of its holdings. The sale by its Cavenham Forest Industries unit represents the last of the unit’s sawmills and timberland and covers acreage in Oregon, Washington and Louisiana.