Business News
WEYERHAEUSER ANNOUNCES IMPAIRMENT CHARGES
Monday 30. June 2008 - Weyerhaeuser Company (NYSE: WY) today announced that it will book pre-tax charges estimated to be between $300 million and $325 million in the second quarter for impairments related to its real estate business.
The company said the impairment resulted from decisions to lower prices or abandon projects in response to the continued deterioration of the housing market.
Weyerhaeuser also announced that its Containerboard Packaging and Recycling segment was adversely affected by the extreme weather and flooding in the U.S. Midwest, which caused production shutdowns at Weyerhaeusers facilities and decreased its ability to operate facilities or ship inventory for a period of time. Weyerhaeusers containerboard mill in Cedar Rapids, Iowa has been down for two weeks and is expected to resume operations in early July.
Weyerhaeuser will announce its second quarter financial results before the market opens on Aug. 5.