Weyerhaeuser Warns of Possible Closures

Integrated forest products company Weyerhaeuser of Federal Way, Wash., announced that "challenging market conditions necessitate further actions," possibly including closures, curtailments and restricted operating postures at its softwood lumber, engineered lumber and structural panels operations.

The company said downtime and restricted operating postures have already been undertaken at about 70 percent of its residential wood products facilities and these curtailments have led to significant fourth quarter production decreases across all of its product lines.

Steven Rogel, chairperson, president and chief executive officer said, "Demand for wood products is very weak." Then he warned, "We continue to analyze our operating postures and portfolio and expect additional capacity adjustments in the near term," but reassured, "We want to be clear that these actions are not related to the performance of employees."

The company has offices or operations in 18 countries and warns that closures and curtailments may be necessary throughout its North American locations. http://www.weyerhaeuser.com.