SEATTLE, June 5, 2017 /PRNewswire/ -- Weyerhaeuser
Company (NYSE: WY) today announced an agreement to sell its
timberlands and manufacturing business in Uruguay to a consortium led by BTG Pactual's
Timberland Investment Group (TIG), including other long-term
institutional investors, for $402.5
million in cash. The company anticipates it will incur
minimal taxes in conjunction with the transaction.
The transaction includes over 300,000 acres (120,000 hectares)
of timberlands in northeastern and north central Uruguay, as well as a plywood and veneer
manufacturing facility, a cogeneration facility, and a seedling
nursery.
"Our Uruguay business is a unique combination of high-quality
timberlands, value-added manufacturing operations and skilled and
dedicated people, and this transaction will best position the
business to reach its full potential," said Doyle R. Simons, president and chief executive
officer. "I am proud of the contributions our Uruguay employees have made to the success of
Weyerhaeuser and the contributions they will make to the future
success of these operations."
The transaction is subject to customary purchase price
adjustments and closing conditions, including regulatory review,
and is expected to close in the fourth quarter of 2017.
Weyerhaeuser Uruguay and the buyer consortium will continue to
operate separately until the transaction closes.
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the
world's largest private owners of timberlands, began operations in
1900. We own or control more than 13 million acres of timberlands,
primarily in the U.S., and manage additional timberlands under
long-term licenses in Canada. We
manage these timberlands on a sustainable basis in compliance with
internationally recognized forestry standards. We are also one of
the largest manufacturers of wood products. Our company is a real
estate investment trust. In February
2016, we merged with Plum Creek Timber Company, Inc. In
2016, we generated $6.4 billion in
net sales and employed approximately 10,400 people who serve
customers worldwide. We are listed on the Dow Jones World
Sustainability Index. Our common stock trades on the New York Stock
Exchange under the symbol WY. Learn more at
www.weyerhaeuser.com.
FORWARD-LOOKING STATEMENTS
This communication contains
statements concerning the company's future results and performance
that are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including,
without limitation, with respect to a transaction involving
Weyerhaeuser's assets and business operations in Uruguay. These forward-looking statements can
be identified by words such as "expected", "will", "anticipates"
and "future", speak only as of the date hereof, are based on the
company's current expectations and involve and are subject to a
number of assumptions, risks and uncertainties that could cause
actual results to differ materially from such forward-looking
statements. These risks and uncertainties are detailed from
time to time in our filings with the Securities and Exchange
Commission, including without limitation those set forth under
"Risk Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2016. In addition,
the company may not be able to complete the sale of its Uruguayan
assets and business within the stated period of time, or at all,
because of a number of factors, including without limitation: the
occurrence of any event, change or other circumstances that could
give rise to a termination of the transaction under the terms of
the sale agreement; the failure to obtain requisite regulatory
approvals; or the failure to satisfy other closing conditions.
There is no guarantee that any of the events anticipated by these
forward-looking statements will occur. If any of the events occur,
there is no guarantee what effect they will have on company
operations or financial condition. The company will not update
these forward-looking statements after the date of this news
release.
For more information contact:
Media – Anthony
Chavez, 206-539-4406
Financial Media – Andrew
Siegel, 212-355-4449
Analysts – Beth Baum or Krista Kochivar, 206-539-3907
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SOURCE Weyerhaeuser Company