Weyerhaeuser Announces Prospective Buyer for Its Cosmopolis Pulp Mill; Intent to Sell Its Elma, Washington Veneer Operation
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
"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
CONTACT: media, Kate Tate, +1-253-924-7250, or trade media, Shawn
Watson, +1-253-924-4691, both of Weyerhaeuser Company
AP Archive: http://photoarchive.ap.org
PRN Photo Desk email@example.com
Web site: http://www.weyerhaeuser.com