Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
My Profile
Weyerhaeuser Receives USD 344 Million Of Its Softwood Duties
Federal Way, Washington, USA, 31 October 2006 — Weyerhaeuser Company (NYSE: WY) today confirmed it has received a pre-tax refund of approximately USD 344 million, or 82%, of the duties it paid since 2002 on Canadian lumber sold in the United States.

The payment resulted from the 2006 Softwood Lumber Agreement between the United States and Canada which went into effect on 12 October. The refund was paid by Export Development Corporation, which purchased the duties thereby eliminating the waiting period anticipated for U.S. Customs to process the repayment.

The amount Weyerhaeuser received from the EDC represents substantially all of the funds that are expected to be returned to the company. The refund will have a positive effect upon the company's fourth quarter earnings.

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.


Related Articles:

Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: