SEATTLE — Weyerhaeuser Company completed the sale of its lumber mill in Princeton, British Columbia, to the Gorman Group. The transaction, which was announced in May, also includes Weyerhaeuser's associated British Columbia timber licenses, 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 approximately $60 million upon the sale of the lumber facility, with the remainder of the transaction proceeds to be received in conjunction with the transfer of the timber licenses. The company recognized a gain on the sale and expects to incur a tax liability of approximately $11 million.

The Gorman Group is a multi-generational family owned and operated company comprised of four divisions in Southern British Columbia (two sawmills, a remanufacturing plant, a plywood plant, and a pole plant) and one remanufacturing plant division in northern Washington state.