Weyerhaeuser has dropped efforts to sell its Westwood Shipping Line, six months after announcing it would shed the seven-ship fleet that carries forest products and containerized cargo.
Weyerhaeuser has dropped its efffort to sell the Westwood Shipping Line, six months after announcing it would shed the seven-ship fleet that carries forest products and containerized cargo.
The Federal Way-based company blamed the decision on “weaker shipping markets and tight financing conditions for potential buyers.”
“We did not feel that the current market conditions would allow us to recognize a reasonable value for our assets and operations,” said Guy Stephenson, Westwood Shipping Line president, in a statement.
Weyerhaeuser said it continues to explore “strategic alternatives” for four regional short line railroads — the DeQueen & Eastern, Columbia & Cowlitz, MSV, and Golden Triangle — used primarily to supply its mills in Arkansas, Oklahoma, Mississippi and Washington.
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In 2007 Weyerhaeuser’s transportation operations — comprising Westwood and five railroads — generated $223 million of the company’s $16.3 billion total revenues.
Weyerhaeuser has sold or spun off a wide range of businesses, from its fine paper division to 114 containerboard, packaging and recycling facilities, as it copes with a sharp downturn in the timber and real estate markets.