Weyco continues make-over
Vancouver, BC-based Weyerhaeuser Co. Ltd. (TSX:WYL), a subsidiary of Weyerhaeuser Holdings Ltd. and an indirect subsidiary ofWeyerhaeuserCo. (NYSE:WY), said that Weyerhaeuser. Holdings had bought all the outstanding shares of Weyerhaeuser Co. Ltd. for a consideration of one common share of Weyerhaeuser Co. for each exchangeable share.
As a result, Weyerhaeuser Co. Ltd. is now indirectly wholly owned by Weyerhaeuser Co., its exchangeable shares have been delisted from the Toronto Stock Exchange and it no longer needs to report its activities under Canadian securities legislation. In other news about Weyco's organizational clean-up:
• Weyco put its wholly owned subsidiary Westwood Shipping lines and four short-line railroads into play. Westwood serves customers in Japan, Korea, China and North America. The railroads serve mills in Arkansas, Oklahoma, Mississippi and Washington.
• The $6-billion cash sale of Weyco's containerboard, packaging and recycling business to International Paper was completed in March. The containerboard mills are: Pine Hill, AL; Oxnard, CA; Cedar Rapids, IA; Henderson,KY; Campti, LA;Valliant, OK; Albany and Springfield, OR; Xalapa, Mexico. The 72 packaging locations have 99.4-billion-sq-ft capacity and the four kraft bag and sack kraft locations have 199,000- ton capacity. The sale includes 10 specialty packaging plants and 19 recycling facilities.
• Carter Holt Harvey is seeking approval of a deal whereby it would buy Weyerhaeuser Australia and related operations including forestland, sawmills and wood products operations, and a chip exporting business.