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
Canfor Hosts Open House At New Alabama Sawmill
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Canfor Southern Pine held an opening ceremony in early February at its new $210 million, 250MMBF annual production capacity southern yellow pine sawmill in Axis, Ala., about 20 miles north of…
Finnish Sawmill Luvia Saha Upgrades Dry Kilns
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); With the goal of increasing drying capacity, Finnish sawmill company Luvian Saha Oy has invested in one new FB-continuous kiln and the modernization of three older continuous kilns from Valutec, and…
Stimson, IDL Agreement Protects Idaho Forest
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); A group including Stimson Lumber Co., the Idaho Dept. of Lands (IDL), and non-profit Trust for Public Land recently announced an easement agreement that will protect 10,846 acres of working forests…
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.