Weyerhaeuser Co.

Weyerhaeuser Co., Federal Way, Washington, USA, has agreed to sell approximately 115,000 acres of timberlands in western Washington to Hancock Timber Resource Group, an international timber investment and management organization based in Boston, Massachusetts, for approximately US$ 211 million. Weyerhaeuser will use net proceeds from the sale to help pay down the debt associated with the acquisition of Willamette Industries. Weyerhaeuser also said it would close its Enumclaw, Washington, sawmill and its Snoqualmie, Washington, finishing facility effective first quarter of 2003.

In other Weyerhaeuser news: The company will permanently close its containerboard mill in Sturgeon Falls, Ontario, Canada. The closure of the 100-year-old facility will be effective in December, eliminating 100,000 short tons of capacity from the company's manufacturing network. The company also plans to eliminate about 750 staff positions at its corporate headquarters over the next two years as part of a continuing effort to reduce overhead costs and maintain competitiveness. The job eliminations will occur in stages, with most occurring in 2003 and the remainder in 2004.