Weyerhaeuser announced it has reached an agreement to sell its lumber mill in Princeton, BC, to the Gorman Group, owners of Gorman Bros. Lumber. The purchase price is approximately Cnd$120 million, which includes Weyerhaeuser’s manufacturing facility and all associated timber license assets in BC. …Weyerhaeuser and Gorman Group have a long-standing relationship in Canada. Gorman Bros. Lumber is currently the Princeton mill’s largest customer, and Gorman Group has operated in Canada for more than 75 years, with offices and facilities in B.C. and Washington state. Devin W. Stockfish, CEO for Weyerhaeuser, said “Gorman has been a great customer and strategic partner, and we believe this will be a seamless transition.” …”Weyerhaeuser’s Princeton operation will be a natural fit with the Gorman Group,” says Nick Arkle, CEO of the Gorman Group. The transaction is subject to customary closing conditions, including regulatory review, with the sale of the mill expected to be completed in third-quarter 2025, and the forest tenures to follow over the ensuing months.
In related coverage:
- Government of BC: Minister’s statement on Gorman Group’s mill purchase
- Vancouver Sun: Gorman Group buys Princeton lumber mill from Weyerhaeuser