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Weyerhaeuser to Permanently Close Idled Saskatchewan Mills
Feb 20, 2008
FEDERAL WAY, Wash., February 20, 2008 — Weyerhaeuser Company (NYSE: WY) announced today that it will permanently close two idled Saskatchewan facilities in Canada.
The softwood stud mill in Carrot River and the softwood plywood mill in Hudson Bay have not been in operation since January 2007.“After having kept both mills in a saleable position for more than a year – including retaining members of the respective mill leadership teams – we are announcing today the permanent closure of our Carrot River sawmill and Hudson Bay plywood mill,” said Craig Neeser, president of Weyerhaeuser’s Canadian operations. “We can not continue to commit resources to idled facilities, especially under current market circumstances.” The effective termination date for the remaining employees is April 16, 2008. There are 15 remaining employees at Carrot River and 17 at Hudson Bay Plywood.
When operations at the mills were indefinitely curtailed in January 2007, there were 116 people employed at Carrot River and 183 employed at Hudson Bay Plywood.
“Today’s announcement is not a reflection on the hard work of our employees. Unfortunately, the market factors forcing this closure are beyond their control,” Neeser said.
Weyerhaeuser Company (NYSE: WY), one of the world's largest forest products companies, was incorporated in 1900. In 2007, sales were $17.5 billion ($16.3 billion US). It has offices or operations in 13 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.
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