Weyerhaeuser Company (NYSE: WY) today completed the sale of its Chester, S.C. plywood and lumber complex and its Moncure, N.C. hardwood plywood mill to Wood Resources LLC, a wood products company in Greenwich, Conn., the two companies announced jointly today. Terms were not disclosed.
Wood Resources owns Olympic Panel Products LLC ("Olympic"), one of the leading North American producers of specialty plywood for industrial applications.
"We are very pleased to bring the Chester and Moncure businesses into the Wood Resources family," said Richard Yarbrough, chief executive officer. "Chester, which will operate as Chester Wood Products LLC, is an excellent mill complex. Moncure, which will operate as Moncure Plywood LLC, has a long-established reputation serving the upholstered furniture market. We intend to invest capital aggressively in both businesses, and to continue to serve customers in the Southeast with an intense focus on customer service and satisfaction. The capable management teams and operating personnel at both Chester and Moncure will remain in place as employees of Wood Resources."
The two mills in Chester are located in the same complex. The plywood mill employs about 285 people and produces plywood primarily used in construction. It has the capacity to produce 240 million square feet of plywood per year. The sawmill employs about 30 people and produces lumber used in construction. It has a capacity of 45 million board feet.
Moncure is a hardwood plywood mill with about 200 employees, primarily producing plywood used in furniture production. The mill's capacity is 115 million square feet of hardwood plywood per year.
Weyerhaeuser acquired the Carolina mills when it purchased Willamette Industries in 2002.
In South Carolina, Weyerhaeuser employs 1,200 persons in seven facilities across the state. There are about 3,200 Weyerhaeuser employees in North Carolina at more than a dozen mills and offices. The company also owns about 550, 000 acres of timberland in that state.
Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2003, sales were $19.9 billion. It has offices or operations in 19 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/ .
For more information contact:
Weyerhaeuser National -- Frank Mendizabal 253-924-3357
Weyerhaeuser Carolinas -- Susan Larkin 803-802-8068
Wood Resources LLC -- Tim Fazio 203-622-1971
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SOURCE: Weyerhaeuser Company
CONTACT: Frank Mendizabal of Weyerhaeuser National, +1-253-924-3357; or
Susan Larkin of Weyerhaeuser Carolinas, +1-803-802-8068; or Tim Fazio of Wood
Resources LLC, +1-203-622-1971
Web site: http://www.weyerhaeuser.com/