Weyerhaeuser Company has completed the sale of its lumber mill in Princeton, British Columbia, to the Gorman Group. The transaction, which was announced in May, also includes Weyerhaeuser's associated British Columbia timber licenses, which will transfer separately. That transfer is expected to be completed over the coming months and is subject to customary closing conditions, including regulatory review.

Weyerhaeuser received approximately $60 million upon the sale of the lumber facility, with the remainder of the transaction proceeds to be received in conjunction with the transfer of the timber licenses (the whole deal is worth roughly $86.4 million). Weyerhaeuser says it recognized a gain on the sale and expects to incur a tax liability of approximately $11 million.

Seattle-based Weyerhaeuser says it's the largest private owner of timberlands in North America. It owns or controls approximately 10.4 million acres in the U.S., and it licenses about 14.1 million acres of timberlands in Canada.
 
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls approximately 10.4 million acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada. Weyerhaeuser has been a global leader in sustainability for more than a century and manages 100 percent of its timberlands on a fully sustainable basis in compliance with internationally recognized sustainable forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood products in North America and operates additional business lines around product distribution, climate solutions, real estate, energy and natural resources, among others. In 2024, the company generated $7.1 billion in net sales and employed approximately 9,400 people who serve customers worldwide. Operated as a real estate investment trust, Weyerhaeuser's common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

ABOUT THE GORMAN GROUP
The Gorman Group is a multi-generational family owned and operated company comprised of four divisions in Southern British Columbia (two sawmills, a remanufacturing plant, a plywood plant, and a pole plant) and one remanufacturing plant division in northern Washington state. Within these operations, it directly employs 900 employees. Founded in 1951, the company will soon celebrate 75 years of continuous operations in the wood products business with a brand name that is respected around the world. Its longevity and consistency are largely attributed to its focus on high value lumber products sold in the home finishing and renovation markets, its commitment to the land and generational thinking, as well as to the people, within and without the company, who live in the communities in which it operates.
 

Source: weyerhaeuser.com