Weyerhaeuser Company completes the sale of its Michigan timberlands to Lyme Great Lakes Holding LLC, an affiliate of The Lyme Timber Company LP, for approximately $300 million in cash. The transaction includes 555,000 acres of timberlands in northern Michigan, as the company says in the press release received by Lesprom Network.
"This transaction is part of our ongoing effort to strategically optimize our timberlands portfolio," said Devin W. Stockfish, president and chief executive officer of Weyerhaeuser. "I want to recognize our Michigan team for their dedication, expertise and contributions to Weyerhaeuser. As part of Lyme, they will be well-positioned for continued success."
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. The company owns or controls approximately 12 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada.
