Timber Co. said Monday it has agreed to sell its California timberlands to Hawthorne Timber Co. LLC for about $397 million. "This sale will complete the strategic repositioning of our portfolio that we undertook to maximize the value of our assets for shareholders," the company explained. The timberlands being sold include about 194,000 acres of forests located in Mendocino and Humboldt counties. The sale is expected to close by year-end, subject to Hawthorne Timber obtaining required financing and approval by Georgia-Pacific Co.'s board.