FEDERAL WAY, Wash. – Weyerhaeuser Co. says it has agreed to sell about 140,000 acres of northwest Oregon timberland for $300 million to an entity affiliated with The Campbell Group, a Portland timberland investment advisory firm.

The forest products company also said Thursday it will talk with interested buyers about the possible sale of an additional 82,000 acres in southwest Washington.

Weyerhaeuser President and CEO Dan Fulton says the sale is a “strategic rebalancing” to focus the company’s Western operations on managing Douglas fir. The land being sold and considered for sale consists predominantly of hemlock, spruce and other non-Douglas fir species.

The land being sold and for sale represents about 10 percent of company holdings in the Pacific Northwest. After the sales, Weyerhaeuser will own or manage nearly 1 million acres of timberland in Oregon and more than 1 million acres in Washington. Nationwide, it will continue to own and manage more than 6 million acres of timber.