By Cindy Macdonald
Weyerhaeuser Co. has completed its previously-announced merger with Plum Creek Timber Co. The combined company owns more than 13 million acres of diverse and productive timberlands and operates 38 wood products manufacturing facilities.
Shareholders of both companies approved the transaction at separate special meetings of shareholders held on Feb. 12, 2016. The combined company retains the Weyerhaeuser name.
“This is an exciting day for Weyerhaeuser as we bring together the best assets and talent in the industry,” said Doyle R. Simons, president and CEO. “In the coming months, we will be relentlessly focused on creating value for our shareholders by capturing cost synergies, leveraging our scale, sharing best practices, delivering the most value from every acre and driving operational excellence.”
In accordance with the terms of the merger agreement, each outstanding share of Plum Creek common stock immediately prior to the merger converted into the right to receive 1.60 common shares of Weyerhaeuser Company.
Weyerhaeuser operates one pulp mill in Canada, at Grande Prarie, Alta.