Weyerhaeuser to Sell Princeton, B.C. Lumber Mill

SEATTLE (Scrap Monster): The Gorman Group, based in West Kelowna, British Columbia (B.C.), has agreed to purchase the Princeton, B.C. lumber mill owned by Weyerhaeuser Company. Customary changes to the purchase price and the successful completion of regulatory reviews are prerequisites for the deal's closing. It is anticipated that the mill will be sold by the third quarter of 2025.

The purchase price, which includes Weyerhaeuser's manufacturing plant, all of its related timber licenses in the province, and working capital, is about $120 million CAD in cash, according to a company news release.

In Canada, the two businesses have a long history together. At the moment, Princeton Mill's biggest client is Gorman Bros. Lumber, which is owned by the Gorman Group. Additionally, the province is home to a number of Gorman Group offices and facilities.

Weyerhaeuser stated that until the purchase is completed, the company will continue to run the Princeton mill on its own and that the deal will not have an impact on its other Canadian operations.

Weyerhaeuser president and CEO Devin W. Stockfish expressed gratitude to all of the hardworking staff members who have helped Princeton operations succeed throughout the years. The Princeton mill will be a perfect fit with the Gorman Group, according to Nick Arkle, CEO of the Gorman Group.

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