Weyerhaeuser halted a box operation in North Carolina and plans to sell its composite-panels business, including two mills in Oregon, as...
Weyerhaeuser halted a box operation in North Carolina and plans to sell its composite-panels business, including two mills in Oregon, as Chief Executive Steven Rogel looks for ways to increase profit at the lumber company based in Federal Way.
The closure of the box operation in Plymouth, N.C., will affect 200 workers. The company will curtail production at the site while it awaits a board review of its decision to permanently close the plant.
The panel business, which makes fiberboard and particleboard, has five mills in the U.S., a mill in Ireland and 1,000 employees. Weyerhaeuser will continue to operate the business while it hunts for a buyer.
Rogel is reviewing businesses such as lumber, paper, boxes, homebuilding and logs after the company’s shares fell as much as 9 percent this year. Tuesday’s news gave the stock a boost, pushing it up $1.32, or 2 percent, to $66.25.
Most Read Stories
- This season, Seahawks have crossed the line from brash to just plain unlikable | Matt Calkins
- Michael Bennett explodes at reporter following Seahawks-Falcons game
- Anti-Trumper John Kasich to doubters: I'm no lame duck
- Patty Murray, Maria Cantwell criticized for vote to block prescription drugs from Canada
- Can’t make it to D.C.? Seattle will have own women’s march
The containerboard operation isn’t “economically sustainable,” and the panels business isn’t a “strategic fit,” Rogel said.
The panel business has mills in Albany and Eugene, Ore.; Bennettsville, S.C.; Malvern, Ark.; Simsboro, La.; and Clonmel, Ireland.
Last month Weyerhaeuser announced plans to shut an 81-year-old sawmill in Aberdeen and a 50-year-old pulp mill in Cosmopolis, a plywood plant in Oklahoma, and paper and pulp operations in Saskatchewan.
Information from Reuters is included in this report.