SEATTLE, Sept. 1, 2017
/PRNewswire/-- Weyerhaeuser Company (NYSE: WY) today
announced the completion of the sale of its timberlands and
manufacturing business in Uruguay
to a consortium led by BTG Pactual's Timberland Investment Group
(TIG) for $402.5 million in cash. The
company expects it will incur minimal taxes in conjunction with the
sale.
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.
"The TIG consortium is acquiring a unique combination of
high-quality timber and manufacturing assets and gaining an
exceptional team of highly-skilled employees," said Doyle R. Simons, president and chief executive
officer. "I want to thank the employees of the Uruguay team for continuing to operate safely
throughout the strategic review process and for their contributions
to Weyerhaeuser over the years."
About Weyerhaeuser
Weyerhaeuser Company, one of the
world's largest private owners of timberlands, began operations in
1900. We own or control nearly 13 million acres of timberlands 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 that are forward-looking within the meaning of the
Private Securities Litigation Reform Act of 1995, including,
without limitation, with respect to the company's expectations
concerning taxation of the transaction. There is no guarantee
that 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 the company's operations, financial
condition or results of operations. The company undertakes no
obligation to update these forward-looking statements after the
date of this news release.
For more information contact:
Analysts — Beth
Baum or Krista Kochivar, 206-539-3907
Financial Media — Andrew
Siegel, 212-355-4449
Media— Anthony Chavez, 206-539-4406
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SOURCE Weyerhaeuser Company