Who owns the land, and who buys the wood

Publicly traded· TSX: ADN.TO

Acadian Timber owns and manages freehold timberland in New Brunswick and northern Maine and provides management services on Crown land. It is the smallest of the listed timberland owners on this site and the only pure read on the Northeastern market rather than the U.S. South.

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Edmundston, New Brunswick

Land

Freehold timberland in New Brunswick and Maine, plus timber services on Crown licences

Publicly traded· NYSE: RYN

Rayonier is a timberland real estate investment trust whose income comes from three segments: Southern Timber, Pacific Northwest Timber, and Real Estate. It owns no pulp mills or sawmills - it grows timber, sells it standing or as delivered logs, and sells land that is worth more for something other than growing trees. Its acreage is weighted heavily toward the U.S. South.

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Wildlight, Florida

Land

About 2.0 million acres owned or leased at 31 December 2025 - 1.69 million in the U.S. South and 307,000 in the Pacific Northwest

Privately held

RMS is a timberland investment manager headquartered in Birmingham. It does not manufacture anything: it buys, manages and sells forestland on behalf of pension funds, endowments and other institutional investors, and has been a registered investment adviser with the SEC since 2004. A great deal of the timberland in the Southern states is held this way - through an investment manager rather than by a mill company.

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Birmingham, Alabama

Land

About 2.3 million acres of privately owned forest under management globally, valued at $5.8 billion

Privately held

Westervelt is a private, family-held Alabama company founded by Herbert Westervelt in 1884 and still headquartered in Tuscaloosa. It manages more than half a million acres of forest and runs several distinct businesses off that base: forest resources, lumber manufacturing, ecological services, real estate, and timberland in New Zealand.

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Tuscaloosa, Alabama

Land

More than half a million acres of forest under management

Publicly traded· NYSE: WY

Weyerhaeuser is one of the world's largest private owners of timberland and the largest in the United States. It grows and harvests timber on its own ground, sells logs to its own mills and to outside buyers, and runs a Wood Products business making lumber, oriented strand board, engineered wood products and structural panels. It is structured as a real estate investment trust.

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Seattle, Washington

Land

More than 10 million acres owned or controlled in the U.S.; long-term licences over more than 14 million acres in Canada

Publicly traded· NYSE: BCC

Boise Cascade runs two businesses that feed each other: Wood Products, which manufactures plywood, engineered wood products and lumber, and Building Materials Distribution, one of the largest wholesale distributors of building products in the United States. It owns essentially no timberland and buys the logs its mills run on.

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Boise, Idaho

Publicly traded· NYSE: BLDR

Builders FirstSource is the largest supplier of building products and prefabricated components to professional homebuilders in the United States. It manufactures trusses, wall panels and millwork and distributes everything else a house frame needs. It sits at the demand end of the chain: when housing starts fall, this company feels it before a stumpage price does.

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Irving, Texas

Publicly traded· TSX: CFP.TO

Canfor is a Canadian lumber producer that has moved a large share of its capacity into the U.S. South through its Canfor Southern Pine business, while curtailing and closing British Columbia mills as Crown fibre has tightened. It also has a European sawmill business and a pulp and paper arm.

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Vancouver, British Columbia

Privately held

Great Southern Wood Preserving is the Alabama company behind the YellaWood brand of pressure-treated southern yellow pine. It buys sawn lumber, treats it, and sells it through retail and building-supply channels across the country.

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Abbeville, Alabama

Publicly traded· TSX: IFP.TO

Interfor is a lumber producer with one of the larger Southern U.S. mill networks in Canadian ownership. Like the other Canadian producers, it holds no significant Southern timberland: its Southern mills are buyers in the log market, not growers.

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Burnaby, British Columbia

Publicly traded· NYSE: LPX

LP makes oriented strand board and engineered wood siding, and OSB is the outlet that takes wood a sawmill will not: small-diameter roundwood and thinnings. Its plants are a significant market for Southern pine and, in the North, aspen.

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Nashville, Tennessee

Land

Timber deeds and Canadian timber harvesting licences rather than fee-owned forest

Privately held

Rex Lumber is a private, family-owned southern yellow pine sawmill company that cut its first piece of wood in 1926. It runs modern high-production mills in the Alabama, Florida and Mississippi pine belt and sells dimension lumber into the framing market.

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Graceville, Florida

Privately held

Roseburg is a private, family-owned manufacturer of engineered wood, panels and lumber. Unlike most of the Canadian and public converters, it owns a timber base of its own - hundreds of thousands of acres across Oregon, Virginia and North Carolina - and says the harvest from that base underwrites the fibre supply to its plants.

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Springfield, Oregon

Land

Hundreds of thousands of acres of timberland in Oregon, Virginia and North Carolina

Privately held

Two Rivers Lumber is a privately held southern yellow pine sawmill at Demopolis, in the Alabama Black Belt where the Tombigbee and Black Warrior rivers meet. It is one of the newer high-production mills built in the state rather than acquired, and it sells dimension lumber into the framing market.

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Demopolis, Alabama

Publicly traded· Nasdaq: UFPI

UFP Industries buys lumber and turns it into finished goods: pressure-treated products for retail, industrial packaging and crating, site-built housing components, and components for manufactured housing. It runs dozens of plants across the United States and buys southern yellow pine as its primary raw material.

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Grand Rapids, Michigan

Publicly traded· NYSE / TSX: WFG

West Fraser is the largest lumber producer in North America. It began in British Columbia and has moved the centre of gravity of its business into the U.S. South over the last two decades, buying and building sawmills and oriented strand board plants across the Southern pine belt while curtailing capacity in Canada.

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Vancouver, British Columbia

Publicly traded· TSX: WEF.TO

Western Forest Products is a coastal British Columbia producer of specialty lumber - western red cedar, hemlock and Douglas fir - sold into appearance and industrial markets rather than commodity framing. Its fibre comes from coastal BC tenures and private land there.

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Vancouver, British Columbia

Publicly traded· NYSE: CLW

Clearwater Paper is a paperboard producer supplying independent converters. It is the smallest of the listed paper companies here by headcount and runs its own wood chipping facilities to hold its fibre position.

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Spokane, Washington

Privately held

Georgia-Pacific is one of the largest forest products companies in the world - tissue, pulp, paper, packaging, cellulose and building products - and has been an independently operated and managed subsidiary of Koch, Inc. since 2005. It started in Augusta, Georgia in 1927 and is now headquartered at 133 Peachtree Street in Atlanta.

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Atlanta, Georgia

Publicly traded· NYSE: GEF

Greif makes industrial packaging - steel and plastic drums, intermediate bulk containers - and containerboard and paperboard. For most of its modern history it also owned Southern timberland through its Soterra land management business. That is no longer true.

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Delaware, Ohio

Land

None as of 1 October 2025 - the Soterra timberland business was sold

Publicly traded· NYSE: IP

International Paper is one of the largest producers of containerboard and corrugated packaging in the world, and one of the largest consumers of Southern pulpwood. It sold off its timberland decades ago, so every ton of wood its Southern mills consume is bought.

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Memphis, Tennessee

Publicly traded· Nasdaq: MERC

Mercer is a market pulp producer with mills in Germany and Canada and a solid wood business making lumber and mass timber. Market pulp is a commodity sold on delivered price, which leaves the company exposed when pulp prices fall - and they have.

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Vancouver, British Columbia

Publicly traded· NYSE: PKG

PCA is the third-largest containerboard producer in the United States and reports in three segments: Packaging, Paper, and Corporate and Other. It operates primarily in the United States and is a steady pulpwood outlet in the baskets around its mills.

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Lake Forest, Illinois

Publicly traded· NYSE: SW

Smurfit Westrock was formed by the 2024 combination of Smurfit Kappa and WestRock and is one of the largest paper-based packaging companies in the world. It describes its system as vertically integrated: it takes in wood or recovered fibre, makes board, and converts that board into corrugated and consumer packaging.

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Dublin, Ireland

Publicly traded· NYSE: SLVM

Sylvamo is the uncoated freesheet paper company spun out of International Paper in 2021 - printing and writing papers rather than packaging. Wood fiber is the principal raw material its products are made from, alongside chemicals, water and energy.

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Memphis, Tennessee

Privately held

Enviva is the largest industrial wood pellet producer in the world. It buys low-grade wood, dries and compresses it into pellets, and ships them through Southern deepwater ports to utilities and industrial heat customers in Europe and Asia. Its plants are concentrated in the Southeastern pine belt.

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Bethesda, Maryland

Exchange-traded fund· NYSE Arca: CUT

A second exchange-traded fund tracking global timber companies, weighted differently from WOOD. Like any fund, it holds shares in operating companies rather than land or timber.

Exchange-traded fund· Nasdaq: WOOD

An exchange-traded fund holding a basket of global timber and forestry companies. It is not a company and it does not own trees directly - it owns shares in the companies that do, plus the mills and packaging businesses that convert wood.