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Weyerhaeuser Announces Impairment Charges
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Federal Way, Washington, USA, 26 June 2008 — Weyerhaeuser Company (NYSE: WY) today announced that it will book pre-tax charges estimated to be between USD 300 million and USD 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 05 August.

Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2007, sales were USD 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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