Weyerhaeuser Announces Sale of Irish Composite Panels Business
Federal Way, Washington, USA, 21 August 2006 -- /PRNewswire/ -- Weyerhaeuser Company (NYSE:WY) today announced it has signed a definitive purchase and sale agreement with Coillte Teoranta for the Clonmel, Ireland, composite panel business. Terms of the transaction were not disclosed. The transaction is subject to Irish Competition Authority approval.
The Clonmel mill has a capacity of 230 million square feet. About 145 employees work in the mill.
Previously, Weyerhaeuser announced the sale of its North American composite panels business. The composite panels business had been a strong performer for Weyerhaeuser, but was a small component of the company's wood products business.
Coillte is an Irish state-owned company operating in forestry, land-based businesses, and added-value processing operations.
Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2005, sales were USD 22.6 billion. It has offices or operations in 18 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/.