** 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)
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com))
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