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Weyerhaeuser to sell Michigan timberlands for $500m
Other - SEPTEMBER 16, 2019

Weyerhaeuser to sell Michigan timberlands for $500m

by Released

Weyerhaeuser Co. has sold its 555,000 acres of Michigan timberlands to Lyme Great Lakes Holding, an affiliate of The Lyme Timber Co., 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 Stockfish, president and CEO of Weyerhaeuser.

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2019.

Weyerhaeuser Co. is one of the largest private owners of timberlands. It owns or controls approximately 12 million acres of timberlands in the United States and manages additional timberlands under long-term licenses in Canada.

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