SEATTLE — Weyerhaeuser has announced it has reached an agreement to sell its lumber mill in Princeton, British Columbia, to the Gorman Group, owners of Gorman Bros. Lumber Ltd., a family-owned wood products manufacturer headquartered in West Kelowna, B.C. The purchase price is approximately $120 million CAD in cash, which includes Weyerhaeuser's manufacturing facility, all associated timber license assets in British Columbia and the value of working capital, which will be subject to customary purchase price adjustments at closing.

Gorman Bros. Lumber is currently the Princeton mill's largest customer, and has operated in Canada for more than 75 years, with offices and facilities in B.C. and Washington state.

"We are grateful to all the dedicated employees who contributed to the success of our Princeton operations over the years," says Devin W. Stockfish, president and chief executive officer for Weyerhaeuser. "The community has always been incredibly welcoming and supportive of our mill and people, and it was important for us to sell to a local buyer with deep roots in the region. Gorman has been a great customer and strategic partner, and we believe this will be a seamless transition that will position the mill for future success in a challenging operating environment — providing long-term certainty for the mill and the broader community."

The company has also announced an agreement to acquire approximately 117,000 acres of timberlands in North Carolina and Virginia from Roanoke Timberlands LLC, a subsidiary of Roseburg Forest Products, for $375 million. Comprised of mature, highly productive timberlands, the acreage will be well-integrated with existing Weyerhaeuser timberland and mill operations in North Carolina, will expand the company's footprint into attractive markets in southeastern Virginia and will offer substantial alternative value opportunities. The acquisition is expected to deliver sustained portfolio-leading cash flows within the company's Southern Timberlands business.

Both transactions are expected to be completed in the third quarter of 2025.

Weyerhaeuser expects to recognize a gain on the sale of the mill and incur a tax liability of approximately $15 million CAD. Weyerhaeuser's other operations in Canada will not be affected by this transaction, and the company will continue to operate the Princeton mill independently of the Gorman Group until the transaction closes.

When the acquisition of the timberlands is complete, Weyerhaeuser will own or manage approximately 744,000 acres in North Carolina and 150,000 acres in Virginia, along with three mills, two distribution centers and additional field offices — employing more than 600 people across the two states.