ATLANTA — Two US lumber giants are merging and bringing their new corporate headquarters to Atlanta. Bloomberg reports the $3.4B deal between Rayonier Inc. and PotlatchDeltic will create one of the largest publicly traded timber and wood products companies in North America.

Word of the deal comes on the same day as new tariffs on imported lumber take effect.

It’s not clear yet how many jobs the deal might create in Atlanta or exactly where the corporate headquarters will be located.

According to a press release from Rayonier Inc, Mark McHugh, President and Chief Executive Officer of Rayonier, said, “We are excited to announce this strategic merger of equals, combining two exceptional land resources companies to deliver enhanced value for our shareholders and other stakeholders. Rayonier and PotlatchDeltic share a commitment to sustainability and a legacy of excellence in delivering land resources to their highest and best use. We look forward to completing the transaction, and we are confident that the merger will generate meaningful value creation.”

Eric Cremers, President and Chief Executive Officer of PotlatchDeltic, said, “This merger is a watershed moment for both companies. Our complementary assets and shared vision will unlock opportunities to create significant strategic and financial benefits beyond what could be achieved by either company independently. We look forward to working together to ensure a seamless transition and to capitalize on exciting opportunities for optimization and growth.”