Latest news with #NickArkle
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
Cision Canada
21-05-2025
- Business
- Cision Canada
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 WEYERHAEUSER Weyerhaeuser 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 GROUP The 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 STATEMENTS This 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.
Yahoo
21-05-2025
- Business
- Yahoo
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 /PRNewswire/ -- 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, 919-861-0342View original content to download multimedia: SOURCE Weyerhaeuser Company Sign in to access your portfolio
Yahoo
14-04-2025
- Business
- Yahoo
How a Canadian softwood lumber company is grappling with US tariffs
STORY: For this lumber company in Canada's British Columbia - U.S. tariff hikes are already a reality. This is Jeremy Griffin - site manager at the Gorman Group sawmill. "Being a Canadian right now, it's a very interesting time to be a Canadian." He says he's been fielding questions from employees about their finances. ''Is now a good time? We wanted to do this thing. We wanted to buy that RV or we were looking at changing from renting to buying a place to live.'" Canada's softwood lumber industry is grappling with its future after the U.S. announced duties would be raised to just over 34%. Previously - it was just over 14%. Some sawmills have already cut shifts for their employees. The government says Canada is one of the world's largest producers and exporters of softwood lumber. 'This is going to have a huge impact on our industry and certainly on our company. We rely heavily on the U.S. market.' Nick Arkle is the CEO of Gorman Group. The company specializes in high-end wood often used in the American homebuilding and renovation market. 'About 55% of our volume would actually go to the U.S., but it would be more than likely about 70% of our value.' Arkle says the company sells to 38 countries around the world at lesser volumes than the U.S. - and will now be "looking elsewhere." 'Demand for housing is increasing all the time. Demand for affordable housing is increasing all the time. So I feel there is there is going to be a demand for wood that's going to exceed the supply of it in the future. And that's going to be a North American issue." Sign in to access your portfolio
