SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 10, 2003
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(Date of earliest event report)
WEYERHAEUSER COMPANY
(Exact name of registrant as specified in charter)
Washington 1-4825 91-0470860
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
Federal Way, Washington 98063-9777
(Address of principal executive offices)
(zip code)
Registrant's telephone number, including area code:
(253) 924-2345
TABLE OF CONTENTS
Item 9. Regulation FD Disclosure
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SIGNATURES
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C., 20549
ITEM 9 - REGULATION FD DISCLOSURE
On March 10, 2003, Weyerhaeuser Company a press release stating the
following:
FEDERAL WAY, Wash. - Hancock Timber Resource Group will acquire the
approximately 104,000-acre Snoqualmie Tree Farm from Weyerhaeuser Company
(NYSE: WY) for a purchase price of $185 million, the two companies jointly
announced today. The sale is expected to close in the second quarter of
2003.
"This is a unique investment opportunity for Hancock Timber," said Dan
Christensen, president and chief operating officer of the Hancock Timber
Resource Group. "The forest is outstanding timberland with exceptional
environmental and recreational qualities in a great location."
"Weyerhaeuser has managed this property well and we believe that tradition
will continue under Hancock Timber's stewardship," said Steven R. Rogel,
Weyerhaeuser chairman, president and chief executive officer. "This is a
significant step for us in our continuing strategy of evaluating our
timberlands and manufacturing facilities to increase our competitiveness,
enhance our operating efficiencies, and better serve customer needs. We will
use the proceeds from this sale to help us pay down our debt."
Weyerhaeuser announced in January 2002 that it intended to sell the
Snoqualmie Tree Farm to the Evergreen Forest Trust. The Trust planned to
finance the transaction with tax-exempt bonds, which required congressional
approval. The Trust was unable to gain that approval within the one-year
period specified in the purchase and sale agreement. The agreement expired
January 16, 2003.
"We value our relationship with the Evergreen Forest Trust and we regret it
wasn't able to secure the financing necessary to purchase the forestland
within the agreed-upon time," said Rogel. He noted that Hancock Timber has
expressed interest in discussions with conservation groups regarding possible
solutions to protecting key environmental qualities of the property.
"Hancock Timber Resource Group has a long history of working with
conservation groups to protect sensitive lands," Christensen said. "We
genuinely look forward to exploring opportunities to protect the sensitive
areas of the Snoqualmie Forest as we have done in the past with many other
local communities and conservation groups."
Following the sale, Weyerhaeuser will own or manage approximately 1.2 million
acres of timberland in Washington. Upon completion of the deal, Hancock
Timber will manage approximately 420,000 acres of timberland in the
Northwest, including approximately 230,000 acres in Washington State.
Weyerhaeuser Company, one of the world's largest integrated forest products
companies, was incorporated in 1900. In 2002, sales were $18.5 billion. It
has offices or operations in 18 countries, with customers worldwide.
Weyerhaeuser is principally engaged in the growing and harvesting of timber;
the manufacture, distribution and sale of forest products; and real estate
construction, development and related activities. Additional information
about Weyerhaeuser's businesses, products and practices is available at
www.weyerhaeuser.com.
Hancock Timber Resource Group is the world's largest timberland investment
management organization for institutional investors with 3.1 million acres
and more than $2.7 billion in assets under management in North America and
Australia. Additional information about Hancock Timber can be found at its
website: www.htrg.com.
Boston-based Hancock Timber is a division of Hancock Natural Resource Group
Inc., a wholly owned subsidiary of John Hancock Financial Services
(NYSE:JHF). John Hancock Financial Services, Inc. is a leading financial
services company, providing a broad array of insurance and investment
products and services to retail and institutional customers. As of December
31, 2002, Hancock and its subsidiaries had total assets under management of
$127.6 billion.
# # #
Weyerhaeuser Company, one of the world's largest integrated forest products
companies, was incorporated in 1900. In 2002, sales were $18.5 billion. It
has offices or operations in 18 countries, with customers worldwide.
Weyerhaeuser is principally engaged in the growing and harvesting of timber;
the manufacture, distribution and sale of forest products; and real estate
construction, development and related activities. Additional information
about Weyerhaeuser's businesses, products and practices is available at
http://www.weyerhaeuser.com.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WEYERHAEUSER COMPANY
By /s/ Steven J. Hillyard
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Its: Vice President and
Chief Accounting Officer
Date: March 10, 2003