Weyerhaeuser to sell Princeton, B.C., lumber mill to Gorman Group for C$120M
Weyerhaeuser (WY) announced it has reached an agreement to sell its lumber mill in Princeton, British Columbia, to the Gorman Group, owners of Gorman Bros. Lumber Ltd., a family-owned wood products manufacturer headquartered in West Kelowna, B.C. The purchase price is approximately C$120M in cash, which includes Weyerhaeuser's manufacturing facility, all associated timber license assets in British Columbia and the value of working capital, which will be subject to customary purchase price adjustments at closing. The transaction is subject to customary closing conditions, including regulatory review, with the sale of the mill expected to be completed in third-quarter 2025, and the forest tenures to follow over the ensuing months. Weyerhaeuser expects to recognize a gain on the sale and incur a tax liability of approximately C$15M. Weyerhaeuser's other operations in Canada will not be affected by this transaction, and the company will continue to operate the Princeton mill independently of the Gorman Group until the transaction closes.
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