More than half a million acres of Upper Peninsula timberland have been sold to a New Hampshire-based logging company for $300 million in cash.
Seattle-based Weyerhaeuser Company sold 555,000 acres of Michigan timberland to an affiliate of The Lyme Timber Company this month, according to a news release.
The property will be managed for “sustainable timber production” by Lyme Great Lakes Forest Company, a release said.
Lyme is expected to keep the former Weyerhaeuser employees who were tasked with managing the land, which sustains a mix of hardwood and softwood acres, Devin W. Stockfish, president and CEO of Weyerhaeuser, said in a statement.
“We’re excited to be investing in a region known for the quality of its hardwood timberland, mill capacity, and logging and trucking infrastructure,” Jim Hourdequin, managing director and CEO of Lyme Timber, said in a statement.
Founded in 1976, Lyme’s portfolio include forestland in New York, Pennsylvania, West Virginia, Tennessee, Florida and California.
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