Weyerhaeuser To Contest Alder Lawsuit Decision; Has Taken a $52 Million Non-Cash, After-Tax Charge In First Quarter
FEDERAL WAY, Wash., Apr 21, 2003 (BUSINESS WIRE) -- Weyerhaeuser
Company (NYSE:WY) today said it believes that a number of issues
erroneously led a jury to rule against Weyerhaeuser in an antitrust
suit involving alder logs in the Pacific Northwest. The company is
vigorously contesting the verdict.
Weyerhaeuser has taken a non-cash, after-tax charge of $52
million, or 23 cents per share, against first quarter earnings to
cover the damages awarded by the jury. Weyerhaeuser will announce
first quarter earnings on April 25 before the market opens.
"We continue to believe that we competed fairly in the
marketplace," said Robert A. Dowdy, vice president and general
counsel. "Based on this belief, we are vigorously pursuing every
opportunity to have this decision reversed."
Weyerhaeuser Company, one of the world's largest integrated forest
products companies, was incorporated in 1900. In 2002, sales were
$18.5 billion. It has offices or operations in 18 countries, with
customers worldwide. Weyerhaeuser is principally engaged in the
growing and harvesting of timber; the manufacture, distribution and
sale of forest products; and real estate construction, development and
related activities. Additional information about Weyerhaeuser's
businesses, products and practices is available at
Bruce Amundson, 253/924-3047 (Media)
Kathryn McAuley, 253/924-2058 (Analysts)