Weyerhaeuser Company announced an agreement to sell its 555,000 acres of Michigan timberlands to Lyme Great Lakes Holding LLC, an affiliate of The Lyme Timber Company LP, for $300 million in cash. The company expects to recognize a gain on the sale and anticipates no tax liability in conjunction with the transaction.
"This transaction in our Northern region encompasses a diverse mix of hardwood and softwood acres and is part of our ongoing effort to strategically optimize our timberlands portfolio," said Devin W. Stockfish, president and CEO of Weyerhaeuser. "Lyme will also welcome our exceptional team of highly skilled employees."
The transaction is subject to customary closing conditions and is expected to close in the 4Q 2019.
Weyerhaeuser Company is one of the world's largest private owners of timberlands.
