New York, NY — Weyerhaeuser Co., one of the world’s largest paper and lumber companies, noted in a U.S. regulatory…
New York, NY — Weyerhaeuser Co., one of the world’s largest paper and lumber companies, noted in a U.S. regulatory filing that the market for wood products has not improved in the third quarter. The company said that it would probably close plants and restrict operations at its wood products facilities because of the weak market conditions. Wood products represent approximately 36% of Weyerhaeuser’s revenue. However, the company noted improved markets in cellulose fibres, container board, packaging and recycling.
Last month, the company posted an 11% decline in second quarter sales over last year, and cited the weak U.S. housing market and its impact on wood products sales. At the time, it had expected its wood products business would post a smaller loss in the current quarter than the $123 million loss of the second quarter. It was hoped that prices for oriented strand board and cost decreases would offset the weakness in softwood lumber and engineered wood products.
Source: Reuters, Sept. 10, 2007
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