SEATTLE, Oct. 12, 2016 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced the exploration of strategic alternatives for its timberlands and manufacturing operations in Uruguay. The company intends to consider a broad range of alternatives, including continuing to hold and operate the business, or a sale.
"In Uruguay, Weyerhaeuser has established a high-quality timberlands portfolio supported by value-creating manufacturing operations and a team of dedicated employees," said Doyle R. Simons, president and chief executive officer. "Following our merger with Plum Creek, we are evaluating strategic alternatives for this business to best position it for long-term success and ensure we are maximizing value for our shareholders."
Weyerhaeuser established its operations in Uruguay in 1997. Today, its business there includes over 300,000 acres (120,000 hectares) of timberlands in northeastern and north central Uruguay, as well as a plywood and veneer manufacturing facility, a cogeneration facility, and a seedling nursery.
The review of the Uruguay operations does not guarantee that the company will pursue a transaction, or that a transaction would be completed if initiated.
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control more than 13 million acres of timberlands, primarily in the U.S., and manage additional timberlands 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 February 2016, we merged with Plum Creek Timber Company, Inc. In 2015, Weyerhaeuser and Plum Creek, on a combined basis, generated approximately $8.5 billion in net sales and employed nearly 14,000 people who serve our 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.
This communication contains statements concerning the company's future plans that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate specifically to the company's evaluation of, and its consideration of options for, its assets and business operations in Uruguay. Some, but not all, of these forward looking statements can be identified by words such as "intends" and "will". There can be no assurance that any of the events anticipated by these forward-looking statements will occur. If any of the events occur, there is no guarantee what effect they will have on company operations, financial condition or results of operations. Except as otherwise stated, the company undertakes no obligation to update these forward-looking statements after the date of this news release.
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SOURCE Weyerhaeuser Company