Weyerhaeuser and Interfor Reach Agreement-in-Principle for Sale of Kamloops Sawmill
VANCOUVER, British Columbia, Aug. 7 / -- Weyerhaeuser Company (NYSE:WY) announced today that it has reached an agreement-in-principle to sell its Kamloops sawmill and associated timber harvesting rights to International Forest Products Limited ("Interfor").
"This decision was taken after a thorough review of our strategic goals," said Craig Neeser, president, Weyerhaeuser Company Limited. "Today's announcement reflects decades of solid work and attention to safety on the part of our employees that made this an attractive operation," he added.
This agreement-in-principle is subject to approval by Weyerhaeuser's Board of Directors and required regulatory approvals. The transaction is expected to occur by the fourth quarter of 2007. Terms of the sale were not disclosed.
The transaction includes annual harvesting rights to 700,000 cubic metres of public land timber.
In British Columbia, Weyerhaeuser will continue to retain sawmills in Princeton and Okanagan Falls, associated timber harvesting operations in addition to a hardwood sawmill and an engineered wood plant in the Lower Mainland.
Weyerhaeuser Company (NYSE:WY), one of the world's largest forest products companies, was incorporated in 1900. In 2006, sales were $24.8 billion ($21.9 billion US). 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. Weyerhaeuser Company Limited, a wholly owned subsidiary, has Exchangeable Shares listed on the Toronto Stock Exchange under the symbol WYL. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com/.
For more information contact:
Canadian Media - Lawrence Pillon (604) 661-8163
US Media - Frank Mendizabal (253) 924-3357
Analysts - Kathryn McAuley (253) 924-2058
Source: Weyerhaeuser Company
Web site: http://www.weyerhaeuser.com/
