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Weyerhaeuser, Global Forest Partners Complete Sale of New Zealand Assets
PRNewswire-FirstCall
FEDERAL WAY, Wash.
Oct 31, 2007
Weyerhaeuser Company (NYSE: WY) and Global Forest Partners today announced the completion of the sale and transfer of assets from their former joint venture to GFP sole ownership after receiving the necessary government approvals.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a) (Logo: http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b)
Under the agreement, GFP investment funds will acquire Weyerhaeuser New Zealand, Inc., and Weyerhaeuser's interest in the Nelson JV assets. These assets include approximately 67,000 productive hectares of plantation forests in the Nelson/Marlborough region and the Kaituna sawmill at Renwick, which has a log input capacity on a single shift of 80,000 cubic meters annually.
Terms of the agreement were not disclosed. About Weyerhaeuser
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/.
About Global Forest Partners
Global Forest Partners LP is an SEC-registered investment adviser, specializing in the structuring and management of sustainable forestry investments. Founded in 1982, the firm is recognized as a leader in forestry investing and for its unique global perspective and experience. GFP, which is headquartered in West Lebanon, New Hampshire, currently manages a USD 1.5 billion portfolio of closed-end commingled timberfunds and separate accounts on behalf of institutional clients and other qualified investors. Additional information about GFP can be found at http://www.gfplp.com/.
Select appropriate contacts For More Information, Contact: New Zealand (general): Michael Edgar Global Forest Partners LP Telephone: 64.9.358.7355 Mobile: 64.21.920.337 United States: Bruce Amundson Weyerhaeuser Telephone: 1.253.924.3047 Peter C. Mertz Global Forest Partners LP Telephone: 1.603.298.4920
First Call Analyst:
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SOURCE: Weyerhaeuser Company
CONTACT: New Zealand, (general), Michael Edgar, 64.9.358.7355, cell,
64.21.920.337, or United States, Peter C. Mertz, +1-603-298-4920, both of
Global Forest Partners LP; or Bruce Amundson of Weyerhaeuser Company,
+1-253-924-3047