Weyerhaeuser completes Michigan timberlands sale

Weyerhaeuser reported that it has completed the sale of its Michigan timberlands to Lyme Great Lakes Holding LLC, an affiliate of the Lyme Timber Company LP.

The deal is for approximately $300 million in cash and includes 555,000 acres of timberlands in northern Michigan.

"This transaction is part of our ongoing effort to strategically optimize our timberlands portfolio," said Devin Stockfish, president and CEO of Weyerhaeuser. "I want to recognize our Michigan team for their dedication, expertise and contributions to Weyerhaeuser. As part of Lyme, they will be well-positioned for continued success."

Based in Seattle, Weyerhaeuser controls about 12 million acres of timberlands in the United States along with additional timberlands the company manages in Canada.

Weyerhaeuser first announced the sale to Lyme Timber this past September.