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Weyerhaeuser completes sale of Michigan timberlands
SEATTLE (News release) -- Weyerhaeuser Company announced the completion of the sale of its Michigan timberlands to Lyme Great Lakes Holding LLC, an affiliate of The Lyme Timber Company LP, for approximately $300 million in cash. The company expects to recognize a gain on the sale and anticipates no tax liability in conjunction with the transaction.
The transaction, which was announced in September 2019, includes 555,000 acres of timberlands in northern Michigan. "This transaction is part of our ongoing effort to strategically optimize our timberlands portfolio," said Devin W. Stockfish, president and chief executive officer of Weyerhaeuser. "I want to recognize our Michigan team for their dedication, expertise and contributions to Weyerhaeuser. As part of Lyme, they will be well-positioned for continued success." **********
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