Weyerhaeuser Completes Sale of Princeton, BC, Sawmill to Gorman Group
On Tuesday, Weyerhaeuser Co. announced it has completed the sale of its lumber mill in Princeton, British Columbia, to the Gorman Group.
The transaction, first announced in May, also includes Weyerhaeuser’s associated timber licenses in British Columbia, which will transfer separately. That transfer is expected to be completed over the coming months and is subject to customary closing conditions, including regulatory review.
Weyerhaeuser received about US$60 million from the sale of the mill, with the remainder of proceeds to be received in conjunction with the timber license transfer. The company recognized a gain on the sale and expects to incur a tax liability of about US$11 million.
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