Weyerhaeuser has completed the sale of its lumber mill in Princeton, British Columbia, to the Gorman Group for approximately $60 million. The deal, originally announced in May, also includes Weyerhaeuser’s associated British Columbia timber licenses, which will transfer separately over the coming months. That portion of the transaction remains subject to customary closing conditions, including regulatory review, according to Weyerhaeuser.
The company recognized a gain on the mill sale and expects to incur a tax liability of approximately $11 million. The remaining proceeds from the transaction will be received in conjunction with the timber license transfer.
Weyerhaeuser owns or controls approximately 10.4 million acres of timberlands in the United States and manages additional public timberlands in Canada under long-term licenses. It operates as a real estate investment trust.
The Gorman Group is a multi-generational, family-owned company with operations in southern British Columbia and northern Washington. It includes two sawmills, a remanufacturing plant, a plywood plant, and a pole plant in British Columbia, as well as one remanufacturing plant in Washington. The group directly employs 900 people and is approaching its 75th year in the wood products business, with a focus on high-value lumber for home finishing and renovation markets.
