Weyerhaeuser Buys Plum Creek, May Sell Pulp Mills
Weyerhaeuser Co. and Plum Creek announced a merger that will leave nearly two-thirds majority ownership in Weyerhaeuser shareholder hands. The combined company creates a $23 billion timber REIT (Real Estate Investment Trust) with more than 13 million acres of timberland in the U.S.
The combined company will retain the Weyerhaeuser name. As previously announced, Weyerhaeuser intends to move its headquarters to Seattle in mid-2016. Weyerhaeuser brings nearly 7 million acres and Plum Creek 6.3 million acres to the deal.
Weyerhaeuser also announced it is exploring “strategic alternatives” for its Cellulose Fibers business, including a possible sale. The company’s Cellulose Fibers business includes pulp mills in Port Wentworth, Ga.; Vanceboro, NC; Grande Prairie, Alberta; and a modified fiber mill in Columbus, Miss.; as well as other facilities internationally.
Plum Creek operates a medium density fiberboard plant, plywood mill and a board sawmill in Columbia Falls, Mont.; a plywood mill in Kalispell, Mont.; and a stud mill in Kalispell/Evergreen, Mont.
Weyerhaeuser operates approximately 11 sawmills in the Southern U.S., four in the Northwest and three in Canada. It also operates various engineered wood products facilities in North America.
Weyerhaeuser’s Doyle Simons will serve as president and CEO of the combined company. Plum Creek’s Rick Holley will serve as non-executive chairman of Weyerhaeuser’s board, which will be expanded to 13 directors, which will include eight directors from Weyerhaeuser and five from Plum Creek.
The transaction requires the approval of shareholders of both Weyerhaeuser and Plum Creek and is subject to customary closing conditions. The transaction is expected to close in late first quarter or early second quarter of 2016.
RELATED ARTICLES
Weyerhaeuser Buys 69,000 Acres
Latest News
Two Rivers Lumber Co. To Build $65 Million Alabama Sawmill
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Governor Robert Bentley announced that Two Rivers Lumber Co. plans to invest $65 million to build a state-of-the-art sawmill in Demopolis that will create 55 jobs initially and a total of…
Report Details Global Softwood Lumber Price Growth
The upward trend of global softwood lumber prices is charted in the latest market update from Wood Resource Quarterly. Higher prices during the first six months of 2016 are due to higher demand and a…
Canadian Lumber Executives Press Softwood Deal With U.S.
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Canadian lumber and government officials told the U.S. trade representative that any new softwood lumber agreement must reflect the differences in forestry regimes across the country. The chief executives of 10…
Find Us On Social
Newsletter
The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.
Subscribe/Renew
Timber Processing is delivered 10 times per year to subscribers who represent sawmill ownership, management and supervisory personnel and corporate executives. Subscriptions are FREE to qualified individuals.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.