Weyerhaeuser Signs $30 Million Cash Deal to Sell Michigan Timberlands

SEATTLE (Scrap Monster): Weyerhaeuser Company announced decision to sell its Michigan Timberlands. The company reached an agreement with Lyme Great Lakes Holding LLC towards sale of approximately 55,000 acres of timberlands.

As per the agreement, Weyerhaeuser will receive $30 million in cash further to closing of the sale transaction. The company will recognize a gain on the sale. Further, it expects no tax liability on account of the transaction.

Devin W. Stockfish, president and chief executive officer of Weyerhaeuser, in a statement, noted that the transaction is part of the company's ongoing efforts to strategically optimize its timberlands portfolio. Meantime, Jim Hourdequin, managing director and chief executive officer of The Lyme Timber Company LP noted that the company is excited to invest in the Northern region assets, which have been managed by an expert team of professionals.

The transaction is subject to customary closing conditions and is expected to close by Q4 this year, Weyerhaeuser Company press release said.