May. 12, 2008 at 1:18pm

Weyerhaeuser sells Australian arm

Weyerhaeuser Co. announced today that Carter Holt Harvey has begun a process to purchase the timber manufacturing operations and timber distribution business of the Weyerhaeuser Australia Group.

The transaction is subject to regulatory approvals by the Australian Competition and Consumer Commission and the Foreign Investment Review Board. CHH has lodged an application with both bodies seeking approval for the transaction.

Weyerhaeuser is also in discussions on a potential sale of its 50 percent interest of the Green Triangle Forest Products timberlands business to a timber investment fund advised by Global Forest Partners. These timberlands are comprised of 50,000 acres of plantation pine forest.

"The Australian businesses will continue to focus on meeting customer needs during the sale process and will work with the potential buyer to ensure a smooth transition," said Craig Neeser, Weyerhaeuser senior vice president, International Group.

Weyerhaeuser is based in Federal Way and is one of the world's largest forest products companies with  $16.3 billion in sales last year.

Posted in Banking/Financial Services, BE Daily, Manufacturing/Trade/Transportation, Retirement and Investing, South King County, Workforce by Steve Dunkelberger | Email Steve

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