FEDERAL WAY, Wash., Jan. 25 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced that it intends to enter into preliminary/formal purchase discussions with Charleston Investments to sell the Cosmopolis Pulp Mill, located near Aberdeen, Wash.

The Charleston Investments proposal offered the greatest value to Weyerhaeuser, and the most viable long-term investment for the community. There is no timeline for completing the discussions.

In separate news, the company also announced its intent to sell a veneer manufacturing operation in Elma, Washington -- effective immediately.

The planned sale, which affects 73 people working as associates at the mill, was a difficult decision according to Cathy Slater, vice president of veneer technologies.

"Weyerhaeuser made the difficult decision to put the plant up for sale after a strategic review of the company's veneer business," Slater said.

The company plans to continue its current operating posture while seeking a buyer for the mill. The affected associates will keep their positions while the company seeks a new owner.

"This is an exceptional workforce," Slater said. "Our associates work diligently to make this mill productive and safe."

Weyerhaeuser employs approximately 7,400 people in Washington in a variety of businesses and manages about approximately 1.1 million acres of timberland.

Cosmopolis pulp mill

The mill, built in 1957, has the capacity to manufacture 140,000 tons-per-year of specialty pulp for plastics, photographic papers, and cigarette filters, among other products. Weyerhaeuser announced closure of the pulp mill in October 2005.

Elma veneer plant

The facility, which began operations in 1920 as a sawmill, transitioned to producing plywood in the 1970s and to veneer in 1995. It employs 73 people. The plant produces green and dry veneer, which is sold to internal customers. The annual capacity of the mill is 165 million square feet of 3/8-inch veneer.

Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2005, sales were $22.6 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 http://www.weyerhaeuser.com.

For more information contact:

Media - Kate Tate - (253)-924-7250

Trade Media - Shawn Watson - (253)-924-4691

SOURCE Weyerhaeuser Company
01/25/2007
CONTACT: media, Kate Tate, +1-253-924-7250, or trade media, Shawn Watson, +1-253-924-4691, both of Weyerhaeuser Company
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