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Weyerhaeuser Announces Impairment Charges
Jun 26, 2008
FEDERAL WAY, Wash., June 26, 2008 — Weyerhaeuser Company (NYSE: WY) today announced that it will book pre-tax charges estimated to be between $300 million and $325 million in the second quarter for impairments related to its real estate business. The company said the impairment resulted from decisions to lower prices or abandon projects in response to the continued deterioration of the housing market.
Weyerhaeuser also announced that its Containerboard Packaging and Recycling segment was adversely affected by the extreme weather and flooding in the U.S. Midwest, which caused production shutdowns at Weyerhaeuser’s facilities and decreased its ability to operate facilities or ship inventory for a period of time. Weyerhaeuser’s containerboard mill in Cedar Rapids, Iowa has been down for two weeks and is expected to resume operations in early July.
Weyerhaeuser will announce its second quarter financial results before the market opens on Aug. 5.
Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2007, sales were $16.3 billion. 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. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com.
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