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Weyerhaeuser in talks with buyer for Cosmopolis pulp mill

Jan. 26, 2007 (Press Release) - Weyerhaeuser Company yesterday announced that it intends to enter into preliminary/formal purchase discussions with Charleston Investments to sell the Cosmopolis Pulp Mill, located near Aberdeen, Wash.

The Charleston Investments proposal offered the greatest value to Weyerhaeuser and the most viable long-term investment for the community. There is no timeline for completing the discussion.

In separate news, the company also announced its intent to sell a veneer manufacturing operation in Elma, Washington –– effective immediately.

The planned sale, which affects 73 people working as associates at the mill, was a difficult decision according to Cathy Slater, vice president of veneer technologies.

“Weyerhaeuser made the difficult decision to put the plant up for sale after a strategic review of the company’s veneer business,” Slater said.

The company plans to continue its current operating posture while seeking a buyer for the mill. The affected associates will keep their positions while the company seeks a new owner.

“This is an exceptional workforce,” Slater said. “Our associates work diligently to make this mill productive and safe.”

Weyerhaeuser employs approximately 7,400 people in Washington in a variety of businesses and manages about approximately 1.1 million acres of timberland.

Cosmopolis Pulp Mill
The mill, built in 1957, has the capacity to manufacture 140,000 tons-per-year of specialty pulp for plastics, photographic papers, and cigarette filters, among other products. Weyerhaeuser announced closure of the pulp mill in October 2005.

Elma Veneer Plant
The facility, which began operations in 1920 as a sawmill, transitioned to producing plywood in the 1970s and to veneer in 1995. It employs 73 people. The plant produces green and dry veneer, which is sold to internal customers. The annual capacity of the mill is 165 million square feet of 3/8-inch veneer.

SOURCE: Weyerhaeuser Company




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