Weyerhaeuser to Sell Michigan Timberlands
Weyerhaeuser Company (“Weyerhaeuser” or the “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 chief executive officer of Weyerhaeuser. “Lyme will also welcome our exceptional team of highly skilled employees.”
“Weyerhaeuser’s Michigan timberlands have been managed for decades by an expert team of professionals, and we look forward to working with them,” said Jim Hourdequin, managing director and chief executive officer of The Lyme Timber Company LP. “We’re excited to be investing in a region known for the quality of its hardwood timberland, mill capacity, and logging and trucking infrastructure.”
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2019.
Weyerhaeuser Company, one of the world’s largest private owners of timberlands, began operations in 1900. We own or control approximately 12 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products. Our company is a real estate investment trust. In 2018, we generated $7.5 billion in net sales and employed approximately 9,300 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
About Lyme Timber
Founded in 1976, The Lyme Timber Company LP is one of the oldest private timberland investment management organizations in the U.S. Our portfolio includes major forestland holdings in New York, Pennsylvania, West Virginia, Tennessee, Florida and California. We invest in and support operating businesses that employ teams to manage and add value to our timberland holdings. Our core timberlands are third-party certified through either the Sustainable Forestry Initiative (SFI) or the Forest Stewardship Council (FSC). We have specialized expertise in managing natural forests and structuring working forest conservation easements that protect forests while ensuring ongoing sustainable timber production. Learn more at www.lymetimber.com.
Nancy Thompson – Media Contact – (919) 861-0342
Source: Weyerhaeuser Company