Header: Header: Header:

Gorman Group Purchases Princeton, B.C. Sawmill 

Weyerhaeuser has announced it has reached an agreement to sell its lumber mill in Princeton, British Columbia, to the Gorman Group, owners of Gorman Bros. Lumber Ltd., a family-owned wood products manufacturer headquartered in West Kelowna, B.C. The purchase price is approximately $120 million CAD in cash, which includes Weyerhaeuser’s manufacturing facility, all associated timber license assets in British Columbia and the value of working capital, which will be subject to customary purchase price adjustments at closing.

Weyerhaeuser and Gorman Group have a long-standing relationship in Canada. Gorman Bros. Lumber is currently the Princeton mill’s largest customer, and Gorman Group has operated in Canada for more than 75 years, with offices and facilities in B.C. and Washington state.

“Weyerhaeuser’s Princeton operation will be a natural fit with the Gorman Group,” says Nick Arkle, CEO, Gorman Group. “We’ve had a strong connection to the Princeton operation for many years, and we know firsthand the skill, commitment and quality that define its team. We’re delighted to welcome this mill and its people into the Gorman Group family, as this move will strengthen our company, support the sustainability of good jobs in our communities and help us continue developing the world-class wood products we’re known for. This really will be a case of the whole being stronger than the sum of its parts. We’re looking forward to working together with First Nations, governments, communities and all our employees to make this a B.C. success story.”

The transaction is subject to customary closing conditions, including regulatory review, with the sale of the mill expected to be completed in third quarter 2025, and the forest tenures to follow over the ensuing months. Weyerhaeuser expects to recognize a gain on the sale and incur a tax liability of approximately $15 million CAD. Weyerhaeuser’s other operations in Canada will not be affected by this transaction, and the company will continue to operate the Princeton mill independently of the Gorman Group until the transaction closes.

Latest News

Canfor Puts ‘Stock’ In New BC Facility

Vancouver, BC-based Canfor Corp. is investing $200 million to build a new state-of-the-art manufacturing facility in Houston, British Columbia, which will have an annual production capacity of 350MMBF. “I’m very pleased to be making this announcement in British Columbia, where Canfor has been proudly headquartered for 85 years,” comments Don Kayne, President and CEO. “This decision comes following…

West Fraser To Acquire Spray Lake Sawmills

West Fraser has announced that it has entered into an agreement to acquire Spray Lake Sawmills located in Cochrane, Alberta subject to certain post-closing adjustments. Spray Lake Sawmills produces treated wood products, dimensional lumber and a variety of residuals and biproducts, with an annual lumber capacity of 155 MMBF and…

PTF BPI Announces 2023 Dates

The 7th biennial international Processing Technologies for the Forest and Bio-based Products Industries (PTF BPI) 2023 Conference will be held October 30 to Nov. 1, 2023 in St. Simons Island, Ga. at the King & Prince Resort…

GP Donates $100,000 To Volunteer Fire Department In Corrigan, Texas

The Corrigan Volunteer Fire Department, which has close to 25 active volunteers and answered more than 150 emergency calls in 2022, has kicked off a capital campaign to build a new fire station, which will cost $400,000. In support of this campaign, and in recognition of the three major facilities Georgia-Pacific operates (and the 1,000 people employed) in Polk County, Texas, the company has donated $100,000 to the effort…

Find Us On Social

Newsletter

The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.

 

Subscribe/Renew

Timber Processing is delivered 10 times per year to subscribers who represent sawmill ownership, management and supervisory personnel and corporate executives. Subscriptions are FREE to qualified individuals.

Advertise

Complete the online form so we can direct you to the appropriate Sales Representative.