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VOL. 123 | NO. 153 | Wednesday, August 6, 2008

Weyerhaeuser to Cut 6.3 Percent of Work Force

AP

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FEDERAL WAY, Wash. (AP) - Weyerhaeuser Co. said Tuesday it would cut about 1,500 employees, or 6.3 percent of its global work force, as part of an ongoing plan to scale back operations to focus on timberlands and wood products.

About 1,000 of the job cuts will take place in Weyerhaeuser's Federal Way, Wash., headquarters where 2,500 people work. The rest are at Weyerhaeuser offices throughout the country

Company spokesman Bruce Amundson says the layoffs are largely in support services for paper and packaging units that have been sold.

The company has taken several actions to reduce its size in recent years, including the $6 billion sale of its containerboard unit to International Paper Co., which closed this week, and combining its fine paper business with Domtar Corp.

Also, in May, the company said it planned to sell its Australian timber manufacturing and distribution business to New Zealand-based forest products company Carter Holt Harvey. Maritime shipping and railway assets also are reportedly for sale.

"This is part of our resizing of the organization to reflect our smaller footprint," Amundson said.

About 900 of the layoffs will take place this year and 600 next year.

Weyerhaeuser had about 37,900 employees at the end of 2007 and some 14,000 went to International Paper in the containerboard packaging sale.

The company currently employs about 23,900 salaried and hourly workers.

The layoffs were announced Tuesday as Weyerhaeuser reported a quarterly loss of $96 million, compared with a profit of $32 million a year earlier.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 67 67 16,128
MORTGAGES 81 81 18,637
FORECLOSURE NOTICES 23 23 2,484
BUILDING PERMITS 213 213 33,603
BANKRUPTCIES 52 52 10,366
BUSINESS LICENSES 17 17 5,320
UTILITY CONNECTIONS 29 29 6,302
MARRIAGE LICENSES 33 33 3,544