The Caisse de dépôt et placement du Québec (CDPQ) has joined forces with the American company Westervelt Company to acquire a forest land of more than 307 square km (76,000 acres) in Georgia, thereby sealing a new strategic partnership focused on the sustainable management of forest lands.
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The amount of the CDPQ’s investment was not specified.
The newly acquired property produces high quality pine. It was formerly owned and operated for over a century by Superior Pine Products, a family business headquartered in the “Fishing State”.
“This was a very rare opportunity to buy an unusual asset in Southeast Georgia. This land fits with Westervelt’s strategic objectives for growth and diversification, and the age of its species helps strike a balance between growth and sustainability, ”said Brian Luoma, President and CEO of Westervelt .
“This transaction is a good illustration of the objective of our Sustainable Land Management initiative. […] This is why we are delighted to partner with Westervelt, a family business focused on sustainability and innovation, for this first investment in the United States as part of our partnership ”, underlined Emmanuel Jaclot, Senior Vice President and Head of Infrastructures at the CDPQ.
“Forests are essential assets and we believe they will become increasingly important in the fight against climate change and the transition to a greener economy,” added Mr. Jaclot.
The Westervelt Company, headquartered in Tuscaloosa, Alabama, was founded in 1884 by Herbert Westervelt and is still family owned and operated. The American company works in land management and the manufacturing of wood products. It is recognized for its excellence in sustainable forest management, responsible procurement of forest products and services, natural resource stewardship and ecosystem conservation.
The company’s legacy of innovation has been a key factor in its interest in partnering with the CDPQ, the U.S. company said in a statement on Monday.
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