Weyerhaeuser gains on sale of Canadian lumber mill for C$120 million

Shares of U.S. forest products company Weyerhaeuser WY.N rise ~1% to $25.42 in extended trading

Company to sell its lumber mill in Princeton, British Columbia, to wood products manufacturer Gorman Group for nearly C$120 million ($86.58 million)

WY expects to recognize a gain on the sale and incur a tax liability of about C$15 million

Company says that other operations in Canada will not be affected by this transaction

Adds that it will continue to operate the Princeton mill independently of the Gorman Group until the transaction closes

Transaction is subject to regulatory review and is expected to be completed in Q3

Up till last close, stock down ~10% YTD

($1 = 1.3860 Canadian dollars)