Weyerhaeuser Completes Sale of Michigan Timberlands
Weyerhaeuser Company announced the completion of 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 company expects to recognize a gain on the sale and anticipates no tax liability in conjunction with the transaction.
The transaction, which was announced in September 2019, includes 555,000 acres of timberlands in northern Michigan.
“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. 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.
Nancy Thompson – Media Contact – email@example.com – (919) 861-0342
Source: Weyerhaeuser Company