SEATTLE (News release) -- Weyerhaeuser Company announced the completion of 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 USD 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 USD.