WY Weyerhaeuser Company

By Colin Kellaher

Weyerhaeuser Co. (WY) on Monday said it agreed to sell its 555,000 acres of Michigan timberlands for $300 million in cash to an affiliate of Lyme Timber Co.

The Seattle forest-products company said it expects to recognize a gain on the sale, adding that it expects no tax liability related to the divestiture.

Weyerhaeuser, which own or controls roughly 12 million acres of timberlands in the U.S., said it expects to complete the sale by the end of the year.

Lyme Timber, a private timberland investment manager based in Hanover, N.H., currently holds about 700,000 acres.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 16, 2019 08:31 ET (12:31 GMT)

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