Weyerhaeuser Announces Plans to Move Headquarters to Seattle
FEDERAL WAY, Wash., Aug. 26, 2014 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced it will move its headquarters from Federal Way, Wash., to 200 Occidental Avenue in Seattle, Wash. The move will occur in mid to late 2016 when construction of the new building is complete.
"There are two main drivers for this decision, which we made after thorough analysis of various options for the location of our headquarters," said Doyle R. Simons, president and CEO. "First, our 430-acre campus in Federal Way is costly and too large for our needs. Second, moving our headquarters to Seattle will give us access to a larger talent pool to meet future recruiting needs, not just in this region, but from across the country."
The company will divest the land and buildings it owns in Federal Way, Wash.
"Weyerhaeuser has a long successful history in Federal Way," Simons said. "We've attracted great people to work here and this campus has served us well. Moving to Seattle is an important step forward for us and I'm excited about the opportunities it will bring to our company and employees."
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control nearly 7 million acres of timberlands, primarily in the U.S., and manage another 14 million acres under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood and cellulose fibers products. Our company is a real estate investment trust. In 2013, our continuing operations generated $7.3 billion in sales and employed approximately 13,000 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
FORWARD LOOKING STATEMENTS
This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. The company will not update these forward-looking statements after the date of this news release. Some forward-looking statements discuss the company's plans, strategies and intentions. They use words such as "expects," "may," "will," "believes," "should," "approximately," "anticipates," "estimates," and "plans."
SOURCE Weyerhaeuser Company