Japanese logistics operator Sumitomo Warehouse Co. says it is in advanced negotiations to acquire Weyerhauser’s wholly-owned ocean vessel subsidiary, Westwood Shipping Lines.
Sumitomo Warehouse said that it has recently obtained preferential negotiating rights to take over the business, which operates six ships in the Pacific Northwest carrying containerized and bulk cargo, including forest products for pulp and paper giant Weyerhauser and other companies.
In a story first reported by Japanese business daily The Nikkei, Sumitomo says it could sign a final purchase agreement for 100 percent of Westwood by June or July.