Latest news with #GormanGroup
Yahoo
23-05-2025
- Business
- Yahoo
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. While we acknowledge the potential of WY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WY and that has 100x upside potential, check out our report about this cheapest AI stock. READ MORE: and Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
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. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on WY: Disclaimer & DisclosureReport an Issue Weyerhaeuser Holds Annual Shareholders Meeting on May 9 Weyerhaeuser authorizes new $1B share repurchase program Weyerhaeuser Reports Solid Q1 Earnings Amid Market Challenges Weyerhaeuser's Earnings Call: Growth Amid Challenges Weyerhaeuser's Strong Q1 Performance and Strategic Positioning Justify Buy Rating
The Province
22-05-2025
- Business
- The Province
Kelowna-based company buys Princeton lumber mill from forestry giant Weyerhaeuser
Gorman Bros. Lumber Ltd. to pay $120 million in cash for the mill and associated timber licences A pile of logs awaiting shipment. Gavin Young/Postmedia A West Kelowna company's planned purchase of the Princeton Lumber Mill from forestry giant Weyerhaeuser has drawn applause from B.C. Minister of Forests Ravi Parmar. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors 'I welcome Gorman Group's purchase of Weyerhaeuser's operations in Princeton,' Parmar said in a news release on Wednesday. 'Locally, family-owned-and-operated forest companies are the lifeblood of the forest industry and a cornerstone of our economy. For too long, most major milling operations have been the realm of big industrial conglomerates. But today, the West Kelowna-based business is reversing that trend. Companies like Gorman Group believe in the future of forestry and they know that B.C. is a great place to invest in that future.' Weyerhaeuser announced on Wednesday that it would sell its Princeton mill to the Gorman Group for $120 million cash, which includes Weyerhaeuser's manufacturing facility, all associated timber license assets in British Columbia and the value of working capital. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Gorman Bros. Lumber is the Princeton mill's largest customer. '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,' said Weyerhaeuser Chief Executive Officer Devin Stockfish. Gorman Chief Executive Officer Nick Arkle said the purchase of the mill was a natural fit for the third-generation family company. 'We've had a strong connection to the Princeton operation for many years, and we know first-hand the skill, commitment and quality that define its team. This really will be a case of the whole being stronger than the sum of its parts. We're looking forward to working together with First Nations, governments, communities and all our employees to make this a B.C. success story.' This advertisement has not loaded yet, but your article continues below. Weyerhaeuser is one of the world's largest private owners of timberlands and one of the largest manufacturers of wood products in North America. The Gorman Group has four divisions in southern B.C. — two sawmills, a remanufacturing plant, a plywood plant, and a pole plant. It also owns a remanufacturing plant in northern Washington state. The number of people employed in forestry, once one of B.C.'s largest industries, has been cut in half since 2000, according to a report from the B.C. Council of Forest Industries. The main driver of those job losses has been a 55 per cent reduction in the provincial harvest, with forest fires, pine beetle infestations and provincial conservation policies affecting the availability of trees for harvest. dcarrigg@ Read More Vancouver Canucks Vancouver Canucks Real Estate Local News National
Malaysian Reserve
22-05-2025
- Business
- Malaysian Reserve
Weyerhaeuser to Sell Princeton, B.C., Lumber Mill to Gorman Group
Agreement with local buyer includes manufacturing facility and associated timber licenses in British Columbia SEATTLE, May 21, 2025 /CNW/ — Weyerhaeuser Company (NYSE: WY) today 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 $120 million CAD 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. Weyerhaeuser and Gorman Group have a long-standing relationship in Canada. Gorman Bros. Lumber is currently the Princeton mill's largest customer, and Gorman Group has operated in Canada for more than 75 years, with offices and facilities in B.C. and Washington state. 'We are grateful to all the dedicated employees who contributed to the success of our Princeton operations over the years,' says Devin W. Stockfish, president and chief executive officer for Weyerhaeuser. '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's Princeton operation will be a natural fit with the Gorman Group,' says Nick Arkle, chief executive officer of the Gorman Group. 'We've had a strong connection to the Princeton operation for many years, and we know firsthand the skill, commitment and quality that define its team. We're delighted to welcome this mill and its people into the Gorman Group family, as this move will strengthen our company, support the sustainability of good jobs in our communities and help us continue developing the world-class wood products we're known for. This really will be a case of the whole being stronger than the sum of its parts. We're looking forward to working together with First Nations, governments, communities and all our employees to make this a B.C. success story.' 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 $15 million CAD. 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. ABOUT WEYERHAEUSERWeyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls approximately 10.4 million of acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada. Weyerhaeuser has been a global leader in sustainability for more than a century and manages 100 percent of its timberlands on a fully sustainable basis in compliance with internationally recognized sustainable forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood products in North America and operates additional business lines around product distribution, climate solutions, real estate, energy and natural resources, among others. In 2024, the company generated $7.1 billion in net sales and employed approximately 9,400 people who serve customers worldwide. Operated as a real estate investment trust, Weyerhaeuser's common stock trades on the New York Stock Exchange under the symbol WY. Learn more at ABOUT THE GORMAN GROUPThe Gorman Group is a multi-generational family owned and operated company comprised of four divisions in Southern British Columbia (two sawmills, a remanufacturing plant, a plywood plant, and a pole plant) and one remanufacturing plant division in northern Washington state. Within these operations, it directly employs 900 employees. Founded in 1951, the company will soon celebrate 75 years of continuous operations in the wood products business with a brand name that is respected around the world. Its longevity and consistency are largely attributed to its focus on high value lumber products sold in the home finishing and renovation markets, its commitment to the land and generational thinking, as well as to the people, within and without the company, who live in the communities in which it operates. FORWARD-LOOKING STATEMENTSThis news release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, with respect to the occurrence and timing of the sale of the company's lumber manufacturing facility and related assets in Princeton, British Columbia, as well as the company's expected recognition of a tax gain and estimated tax liability related to the sale. Forward-looking statements may be identified by our use of certain words in such statements, including without limitation words such as 'expects,' 'expected,' 'will' and similar words, terms and phrases using such terms and words. All forward-looking statements speak only as of the date hereof, are based on current expectations and involve and are subject to a number of assumptions, risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in our 2024 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC. In addition, Weyerhaeuser may not be able to complete the transaction within the stated time period, or at all, because of a number of factors, including without limitation: the occurrence of any event, change or other circumstances that could give rise to a termination of the transaction under the terms of the purchase and sale agreement governing the transaction, or the failure to satisfy other closing conditions including, but not limited to, regulatory approvals. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. If any of the events occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. The company undertakes no obligation to update these forward-looking statements after the date of this news release. For more information contact: Analysts – Andy Taylor, 206-539-3907 David Murray – 250-803-8531 Media – Nancy Thompson, 919-861-0342
Vancouver Sun
22-05-2025
- Business
- Vancouver Sun
Kelowna-based company buys Princeton lumber mill from forestry giant Weyerhaeuser
A West Kelowna company's planned purchase of the Princeton Lumber Mill from forestry giant Weyerhaeuser has drawn applause from B.C. Minister of Forests Ravi Parmar. 'I welcome Gorman Group's purchase of Weyerhaeuser's operations in Princeton,' Parmar said in a news release on Wednesday. 'Locally, family-owned-and-operated forest companies are the lifeblood of the forest industry and a cornerstone of our economy. For too long, most major milling operations have been the realm of big industrial conglomerates. But today, the West Kelowna-based business is reversing that trend. Companies like Gorman Group believe in the future of forestry and they know that B.C. is a great place to invest in that future.' Weyerhaeuser announced on Wednesday that it would sell its Princeton mill to the Gorman Group for $120 million cash, which includes Weyerhaeuser's manufacturing facility, all associated timber license assets in British Columbia and the value of working capital. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Gorman Bros. Lumber is the Princeton mill's largest customer. '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,' said Weyerhaeuser Chief Executive Officer Devin Stockfish. Gorman Chief Executive Officer Nick Arkle said the purchase of the mill was a natural fit for the third-generation family company. 'We've had a strong connection to the Princeton operation for many years, and we know first-hand the skill, commitment and quality that define its team. This really will be a case of the whole being stronger than the sum of its parts. We're looking forward to working together with First Nations, governments, communities and all our employees to make this a B.C. success story.' Weyerhaeuser is one of the world's largest private owners of timberlands and one of the largest manufacturers of wood products in North America. The Gorman Group has four divisions in southern B.C. — two sawmills, a remanufacturing plant, a plywood plant, and a pole plant. It also owns a remanufacturing plant in northern Washington state. The number of people employed in forestry, once one of B.C.'s largest industries, has been cut in half since 2000, according to a report from the B.C. Council of Forest Industries. The main driver of those job losses has been a 55 per cent reduction in the provincial harvest, with forest fires, pine beetle infestations and provincial conservation policies affecting the availability of trees for harvest. dcarrigg@
