Oct. 10, 2008 at 10:59am

Weyerhaeuser sells commercial construction business

Weyerhaeuser Co. officials have signed a non-binding letter of intent to sell the Federal Way company's Trus Joist Commercial division to Greenwich, Conn.-based Atlas Holdings.

The proposed transaction will include four manufacturing plants located in Chino, Calif.; Hillsboro, Ore.; Delaware, Ohio and Stayton, Ore. and 13 sales and engineering offices. About 428 employees concentrated in the Northwest, Southwest and East serve the business.

"Our goal is to ensure that the Commercial Business is optimized for long-term growth," said Carlos Guilherme, iLevel vice president of sales. "After a thorough review of the alternatives, we believe the decision to explore the sale of this business and its assets to Atlas Holdings is in the best interests of our shareholders, employees and customers. At the same time, that outcome would allow Weyerhaeuser to narrow its focus on core strategies in the residential structural frame market."

The transaction is subject to satisfactory negotiation of a final agreement and Board approval and is set to close later this year. Financial details were not disclosed.

Posted in BE Daily, Building, Manufacturing/Trade/Transportation, Retirement and Investing, South King County, Thurston County by Steve Dunkelberger | Email Steve

Comments (0)

Add your comment below