Federal Way, Washington, USA, 01 August 2011 -- (BUSINESS WIRE) -- Weyerhaeuser Company (NYSE: WY) today announced it has completed the sale of its hardwoods business to American Industrial Partners. Total proceeds from the sale will be approximately USD 108 million.
Assets included in the transaction are located in Tuscumbia, Alabama; Elkhart, Indiana; Grand Rapids and Lewiston, Michichigan; Brainerd, Minnesota; Coos Bay, Eugene, and Garibaldi, Oregon; Titusville, Pennsylvania; Arlington, Centralia, and Longview, Washington; and Dorchester and Onalaska, Wisconsin.
The business manufactures and distributes appearance lumber and plywood for use in cabinets, mouldings, architectural millwork, panel furniture, and retail boards. It also makes material for use in pallet cants and ties.
Weyerhaeuser Company, one of the world's largest forest products companies, began operations in 1900. The company grows and harvests trees, builds homes, and makes a range of forest products essential to everyday lives. Weyerhaeuser manages its timberland on a sustainable basis in compliance with internationally recognized forestry standards. At the end of 2010, the company employed approximately 14,000 employees in 10 countries. It has customers worldwide and generated USD 6.6 billion in sales in 2010. Weyerhaeuser stock trades on the New York Stock exchange under the symbol WY. Additional information is available at http://www.weyerhaeuser.com.