Weyerhaeuser Completes Sale of Canadian Distribution Assets; Negotiations Continue for Select U.S. Sites
FEDERAL WAY, Wash., June 4 / -- Weyerhaeuser Company (NYSE:WY) today announced it has completed the sale and transfer of its Canadian building materials distribution assets to Platinum Equity of Los Angeles, Calif. Terms of the sale were not disclosed.
The sale includes all of the company's distribution centers in Canada: Brampton, Ontario; Calgary, Alberta; Dartmouth, Nova Scotia; Edmonton, Alberta; Kelowna, British Columbia; Montreal, Quebec; Ottawa, Ontario; Quebec City, Quebec; Regina, Saskatchewan; Saskatoon, Saskatchewan; Sudbury, Ontario; Timmins, Ontario; Winnipeg, Manitoba; St. John's, Newfoundland; Sussex, New Brunswick; Langley, British Columbia.
"I want to thank all Canadian distribution employees for their outstanding service to Weyerhaeuser and for working so hard to achieve this timely and seamless transition to Platinum Equity," said Lee Alford, senior vice president of Residential Wood Products.
Weyerhaeuser will maintain a significant presence in Canada following the sale. The company will continue to employ about 3,500 Canadian employees -- producing and distributing softwood and hardwood lumber, engineered wood, oriented strand board, plywood, and pulp-across the country.
Weyerhaeuser is still in preliminary negotiations for ten U.S. building materials distribution sites. No further details on that transaction are available at this time.
The ten building materials distribution sites for sale in the U.S. include: Louisville, Ky.; Memphis, Tenn.; Nashville, Tenn.; Green Bay, Wis.; Kansas City, Kan.; Oklahoma City; Omaha, Neb.; Newton, Kan.; Boston, Mass.; and Buffalo, N.Y.
Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2006, sales were $21.9 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/.
News Release
For more information contact:
National Media - Frank Mendizabal (253) 924-3357
Canadian Media - Lawrence Pillon (604) 661-8163
Source: Weyerhaeuser Company
Web site: http://www.weyerhaeuser.com/
