Weyerhaeuser sells Michigan timberlands in multimillion dollar deal
Sep 16, 2019 | Megan Campbell – Staff Writer, Puget Sound Business Journal
Seattle-based Weyerhaeuser announced Monday that it has sold its Michigan timberlands for $300 million.
The 555,000 acres will go to Lyme Great Lakes Holding LLC, an affiliate of The Lyme Timber Company LP, which is based in New Hampshire.
Weyerhaeuser’s Michigan employees will be retained by Lyme, according to a press release. Lyme, which manages land in New York, Pennsylvania, West Virginia, Tennessee, Florida and California, is a private timberland investment manager.
“Weyerhaeuser’s Michigan timberlands have been managed for decades by an expert team of professionals, and we look forward to working with them,” said Jim Hourdequin, managing director and chief executive officer of The Lyme Timber Company LP, in a press release. “We’re excited to be investing in a region known for the quality of its hardwood timberland, mill capacity, and logging and trucking infrastructure.
The Michigan land includes a mix of hardwood and softwood.
Weyerhaeuser controls about 12 million acres of timberland across the United States and manages other lands in Canada. Last year, the company recorded net sales of $7.5 billion. It employs about 9,300 people and is headquartered in Pioneer Square.