Weyerhaeuser Announces Prospective Buyer for Cosmopolis Pulp Mill
Federal Way, Washington, USA, 15 February 2008 -— Weyerhaeuser Company (NYSE: WY) today announced that it intends to enter into preliminary formal purchase discussions with Evergreen Pulp/Grays Harbor PUD to buy the Cosmopolis pulp mill, located near Aberdeen, Washington.
A viable proposal offered by Evergreen Pulp/Grays Harbor PUD offered assurance that sustained operations could be resumed at the mill, while offering appropriate sales value to Weyerhaeuser. The offer was competitive and Weyerhaeuser is hopeful that further discussions will lead to a definitive purchase and sales agreement. There is no timeline for completing the discussions.
Cosmopolis pulp mill
The mill, built in 1957, has the capacity to manufacture 140,000 tons/year of specialty pulp for plastics, photographic papers, and cigarette filters, among other products. Weyerhaeuser announced closure of the pulp mill in October 2005. Purchase discussions announced in 2007 with Charlestown Investments were not completed.
Weyerhaeuser employs approximately 7400 people in Washington in a variety of businesses and manages approximately 1.1 million acres of timberland.
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.