Weyerhaeuser selling off Michigan timberlands
Weyerhaeuser is selling 555,000 acres of Michigan timberlands to Lyme Great Lakes Holding LLC, an affiliate of The Lyme Timber Company LP, for $300 million in cash.
According to Weyerhaeuser, the Seattle, Wa.-based company expects to recognize a gain on the sale and anticipates no tax liability in conjunction with the transaction. The sale is expected to close in the fourth quarter of 2019.
"This transaction in our Northern region encompasses a diverse mix of hardwood and softwood acres and is part of our ongoing effort to strategically optimize our timberlands portfolio," said Devin Stockfish, president and CEO of Weyerhaeuser. "Lyme will also welcome our exceptional team of highly skilled employees."
Weyerhaeuser owns or control approximately 12 million acres of timberlands in the United States and manage additional timberlands under long-term licenses in Canada. The company had net sales of $7.5 million last year.
The Lyme Timber Company LP is one of the oldest private timberland investment management organizations in the country and maintains a of major forestland holdings in New York, Pennsylvania, West Virginia, Tennessee, Florida and California. Lyme’s core timberlands are third-party certified through either the Sustainable Forestry Initiative (SFI) or the Forest Stewardship Council (FSC).
"Weyerhaeuser's Michigan timberlands have been managed for decades by an expert team of professionals, and we look forward to working with them," said Jim Hourdequin, managing director and CEO of The Lyme Timber Company LP. "We're excited to be investing in a region known for the quality of its hardwood timberland, mill capacity, and logging and trucking infrastructure."
According to Weyerhaeuser, the Seattle, Wa.-based company expects to recognize a gain on the sale and anticipates no tax liability in conjunction with the transaction. The sale is expected to close in the fourth quarter of 2019.
"This transaction in our Northern region encompasses a diverse mix of hardwood and softwood acres and is part of our ongoing effort to strategically optimize our timberlands portfolio," said Devin Stockfish, president and CEO of Weyerhaeuser. "Lyme will also welcome our exceptional team of highly skilled employees."Weyerhaeuser owns or control approximately 12 million acres of timberlands in the United States and manage additional timberlands under long-term licenses in Canada. The company had net sales of $7.5 million last year.
The Lyme Timber Company LP is one of the oldest private timberland investment management organizations in the country and maintains a of major forestland holdings in New York, Pennsylvania, West Virginia, Tennessee, Florida and California. Lyme’s core timberlands are third-party certified through either the Sustainable Forestry Initiative (SFI) or the Forest Stewardship Council (FSC).
"Weyerhaeuser's Michigan timberlands have been managed for decades by an expert team of professionals, and we look forward to working with them," said Jim Hourdequin, managing director and CEO of The Lyme Timber Company LP. "We're excited to be investing in a region known for the quality of its hardwood timberland, mill capacity, and logging and trucking infrastructure."