Weyerhaeuser Agrees to Sell Princeton Lumber Mill in B.C. to Gorman Group
Weyerhaeuser Company (NYSE:WY) has agreed to sell its Princeton, British Columbia lumber mill to the Gorman Group, the parent company of Gorman Bros. Lumber Ltd., a family-run wood products firm based in West Kelowna, B.C.
The two companies have a long history of working together, with Gorman Bros. currently serving as the Princeton mill's largest customer. The Gorman Group has operated in Canada for over 75 years and has facilities across B.C. and Washington state.
Founded in 1900, Weyerhaeuser Company (NYSE:WY) is one of the largest private timberland owners, managing 10.4 million US acres and licensed lands in Canada. The company is a leader in sustainability and also ranks among North America's top wood products manufacturers. It has operations in real estate, energy, and climate solutions.
The deal, valued at roughly CAD 120 million in cash, includes the mill, associated timber licenses in British Columbia, and working capital, with the final price subject to standard closing adjustments.
Devin W. Stockfish, president and chief executive officer for Weyerhaeuser, made the following comment on the deal:
"We are grateful to all the dedicated employees who contributed to the success of our Princeton operations over the years. The community has always been incredibly welcoming and supportive of our mill and people, and it was important for us to sell to a local buyer with deep roots in the region. Gorman has been a great customer and strategic partner, and we believe this will be a seamless transition that will position the mill for future success in a challenging operating environment — providing long-term certainty for the mill and the broader community."
Weyerhaeuser Company (NYSE:WY) expects a gain from the sale and anticipates facing a tax expense of around CAD 15 million. The company's other Canadian operations will remain unchanged, and it will continue running the Princeton mill separately from the Gorman Group until the deal is finalized.
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