Weyerhaeuser Sells Hardwood Business

Weyerhaeuser Company WY announced after the bell today that is has entered into a definitive agreement to sell its hardwoods and industrial products business unit American Industrial Partners. Northwest Hardwoods, Inc., with approximately 1,000 employees, is the leading manufacturer of high quality hardwood lumber in North America. It manufactures and sells 15 species of hardwood lumber, specializing in alder, oak, maple, cherry, walnut, ash, and hickory and operates through a network of seven primary sawmills, four concentration yards, four remanufacturing plants and one merchandizing log yard, all in the United States. Nancy Arend, Vice President of Northwest Hardwoods, said, "We very much look forward to partnering with the American Industrial Partners team. We have developed a go forward operating agenda focused on expanding our customer base and geographic sales regions, implementing manufacturing best practices, and continuing to enhance our market leading cost position on a global basis." Weyerhaeuser Company, formerly Weyerhaeuser Timber Company, is a forest products company. The company is principally engaged in growing and harvesting trees, builds homes and making a range of forest products. As of December 31, 2010, the company had offices or operations in 10 countries and have customers worldwide. Source: PR Newswire