Weyerhaeuser Announces Completion of Michigan Timberlands Sale

SEATTLE (Scrap Monster): Weyerhaeuser Company announced that it has completed the sale of Michigan timberlands to Lyme Great Lakes Holding LLC. The transaction was initially announced in the month of September this year.

The sale transaction is valued at approximately $300 million in cash. The company will recognize a gain on the sale. Furthermore, it expects no tax liability in connection with the transaction. As a result of the completion of the transaction, Lyme Great Lakes Holding LLC will gain access to around 550,000 acres of timberlands in northern Michigan region.

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According to Devin W. Stockfish, president and chief executive officer of Weyerhaeuser, the sale of Michigan timberlands is part of the company’s ongoing efforts to strategically optimize its timberlands portfolio. He acknowledged the Michigan team for their dedication, expertise and valuable contributions to the company over the years. The new association with Lyme will further ensure continued success, he added.

Meantime, Jim Hourdequin, Managing Director and Chief Executive Officer of The Lyme Timber Company LP- Lyme Great Lakes Holding LLC’s parent company, stated that it is excited to have invested in the Northern region assets, which have been well managed by an expert team of professionals.