A Lyme affiliate’s purchase of 15,000 acres of additional timberland in Pennsylvania from affiliates of Hancock Timber Resource Group brings Lyme’s total investment in the region to 67,500 acres. Northwest Pennsylvania is known for its excellent quality hardwoods and black cherry, good terrain and accessibility, and established mill infrastructure. These lands have been managed for high value black cherry sawtimber production for over 40 years.
The lands acquired by Lyme in Pennsylvania have been identified as a conservation priority for their location at the headwaters of the Allegheny River and the Susquehanna River watersheds and linkages to national forest land and existing state-owned land. Lyme has entered into option agreements to sell conservation easements that will permanently protect 51,000 acres of the timberland. Another 9,500 acres will be permanently protected by the donation of a conservation easement as part of a financing agreement with PENNVEST, the state’s clean water revolving loan fund.
The property will be actively managed for timber, with a focus on regenerating quality hardwoods including black cherry. Three Rivers Forest Management LLC, a locally managed operating business owned by affiliates of Lyme, will perform forest management services.