VANCOUVER, British Columbia, Sept. 17 /CNW/ -- Weyerhaeuser Company
(NYSE: WY) announced today that it will restructure its operations in the
Southern Interior of British Columbia by closing its Okanagan Falls sawmill,
effective December 17, 2007, and modernizing its Princeton sawmill.
"The decision to close the Okanagan Falls mill and to reinvest in
Princeton was taken after a thorough review of how best to strengthen our
long-term competitive position in the Southern Interior," said Craig Neeser,
President, Weyerhaeuser Company Limited. "Today's announcement is not a
reflection on the hard work of our Okanagan Falls employees, whose dedicated
service has been a cornerstone of this operation. Unfortunately, the factors
forcing this closure are beyond their control," he said.
Neeser said Weyerhaeuser will work with its employees and the community
over the next three months to ensure everyone will be treated fairly
throughout this difficult process.
As part of its plan to improve the competitiveness of this region,
Weyerhaeuser also announced that further investments are planned at the
Princeton sawmill over the next two years. These future plans are in addition
to $5.5 million that the company will spend in 2007 to modernize the mill.
In British Columbia, Weyerhaeuser will continue to retain sawmills in
Princeton and associated timber harvesting operations as well as 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
For further information:
For further information: Canadian Media, Lawrence Pillon,
+1-604-661-8163, or US Media, Frank Mendizabal, +1-253-924-3357, or Analysts,
Kathryn McAuley, +1-253-924-2058, all of Weyerhaeuser Company Web Site: