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
July 15, 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 July 15, 2003, Weyerhaeuser Company a press release stating the
following:
DRYDEN, Ontario - Weyerhaeuser Company today announced a major restructuring
of its Dryden, Ontario operations to meet changed market conditions for its
forest products. The sawmill will close permanently and the pulp and paper
mill workforce will be reduced, affecting about 330 hourly positions.
Weyerhaeuser will take a $7 million (US), or three cents per share, after-tax
charge against its second quarter earnings for costs associated with the
restructuring. Weyerhaeuser will announce second quarter earnings on July
25.
The sawmill will close permanently Oct. 11, affecting approximately 110
hourly employees. The woodroom will continue to operate, supplying chips to
the pulp mill. In addition, about 220 positions in the pulp and paper and
converting operations will be eliminated, effective Oct. 11, to achieve
productivity levels comparable to other competitive pulp and paper mills. The
reductions are part of Weyerhaeuser's efforts to remain competitive with
other producing regions and to match production to its order levels.
"The forest industry today faces serious challenges and change is essential
to ensure we have a sustainable future at Dryden both in the short and long
term," said Norm Bush, vice president, Ontario. "A combination of factors
led to this difficult decision, including uncompetitive costs, oversupply of
lumber and paper products, the rising Canadian dollar, and the impact of
softwood lumber tariffs on shipments to the United States.
"By making these changes, we are positioning our operations to be more
competitive and successful in the short and long term, thereby providing more
job and community stability for the future."
The Dryden sawmill is a small, older facility, with high costs and without
sufficient wood supply available to achieve competitive scale. Job
reductions in pulp and paper will bring the workforce to a level more
comparable to similar mills.
"Employees affected by these changes are skilled, valuable and productive
people who have contributed significantly to these operations over many
years," Bush said. "They have earned our appreciation and gratitude and will
be treated with dignity and respect through the transition process."
Comprehensive programs are in place for impacted employees, including
severance benefits, outplacement counseling, transition assistance, and
education and relocation assistance. Everything possible will be done to
identify re-employment opportunities at other Weyerhaeuser mills for impacted
employees.
"Weyerhaeuser remains committed to the mill and community in Dryden, and to
our operations in northwestern Ontario," Bush emphasized. "Restructuring is
one step we must take to make the operation competitive and viable, and
positioned to provide long-term employment and economic stability for the
region going forward."
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Weyerhaeuser Company (NYSE: WY), one of the world's largest integrated forest
products companies, was incorporated in 1900. In 2002, sales were $29.1
billion (18.5 billion US). 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.
Weyerhaeuser Company Limited, a wholly owned subsidiary, has Exchangeable
Shares listed on the Toronto Stock Exchange under the symbol WYL. Additional
information about Weyerhaeuser's businesses, products and practices is
available at http://www.weyerhaeuser.com.
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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
Its: Vice President and
Chief Accounting Officer
Date: July 15, 2003