SEATTLE - Weyerhaeuser Co. said it is exploring strategic alternatives for its timberlands and manufacturing operations in Uruguay, including a possible sale of the business.
Weyerhaeuser (NYSE: WY) established operations in Uruguay in 1997 and now owns more than 300,000 acres of timberland in the northeastern and north central part of the country. In June 2006 it opened a veneer mill and plywood operation in Tacuarembo, where it produces products such as Lumin plywood, made from plantation-grown loblolly pine and eucalyptus trees. A cogeneration facility and seedling nursery are also located at the site.
"In Uruguay, Weyerhaeuser has established a high-quality timberlands portfolio supported by value-creating manufacturing operations and a team of dedicated employees," said Doyle R. Simons, president and CEO. "Following our merger with Plum Creek (in 2015), we are evaluating strategic alternatives for this business to best position it for long-term success and ensure we are maximizing value for our shareholders."
The company said its review of the Uruguay operations does not guarantee it will pursue a transaction, or that a transaction would be completed if initiated.
Overall, Weyerhaeuser owns or controls more than 13 million acres of timberlands, located primarily in the United States. It also manages additional timberlands in Canada under long-term licenses.
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