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
the Securities Exchange Act of 1934
July 26, 1996
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(Date of earliest event report)
WEYERHAEUSER COMPANY
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(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)
Tacoma, Washington 98477
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(Address of principal executive offices)
(zip code)
Registrant's telephone number, including area code:
(206) 924-2345
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Item 5. Other Events
On July 23, 1996, Weyerhaeuser Company issued the following press
release: "Weyerhaeuser Company announced today that it has agreed to
sell its Klamath Falls, Ore., manufacturing operations and 600,000
acres of eastern Oregon forestland to U.S. Timberlands for $309
million, including about 3,000 acres from the Weyerhaeuser Company
Foundation for approximately $5 million.
`We are pleased the future of our eastern Oregon timberlands and
Klamath Falls manufacturing operations has been determined, and we
know our employees and the people of Klamath Falls will welcome the
new owners,' said John W. Creighton, Jr., Weyerhaeuser Company
president and chief executive officer.
Creighton said Weyerhaeuser will sell its hardboard,
particleboard and plywood manufacturing plants; 600,000 acres of
predominantly pine forestland; and its nursery and seed orchard
facilities. Weyerhaeuser employs 700 people in Klamath Falls.
U.S. Timberlands of Bandon, Ore., and New York, N.Y., is a
limited partnership formed to acquire, operate and manage a portfolio
of timberlands investments and related assets, principally in North
America. Weyerhaeuser's Klamath Falls holdings represent U.S.
Timberlands' first investment.
`We are happy to welcome the Klamath Falls operations as the
beginning of our expanding group, and we look forward to working with
employees and becoming part of the Klamath Falls community,' said John
J. Stephens, president of U.S. Timberlands. `We intend to continue the
tradition of responsible natural resource management.'
Stephens said U.S. Timberlands intends to focus on managing the
600,000 acres of predominantly pine forestland and will sell the
manufacturing operations and plantsite in a separate transaction.
According to Stephens, U.S. Timberlands will sell the three
manufacturing plants to Collins Products, L.L.C., a subsidiary of
Portland, Ore.-based Collins Holdings, a forest products holding
company with timberlands and manufacturing operations in Oregon,
California and Pennsylvania.
James E. Quinn, president of Collins Products said, `We are
excited about adding the hardboard, particleboard and plywood
operations to our family of mills and look forward to keeping the
Klamath Falls operations strong, and an economic force in eastern
Oregon.'
Creighton emphasized that Weyerhaeuser will ensure a smooth
transition for its particleboard, hardboard and plywood customers.
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`The buyers are acquiring an operation that is well-managed and
profitable,' said Creighton. `The operations have experienced
employees who are among the best in the industry. Weyerhaeuser will
continue to play a major role in the Pacific Northwest and will
concentrate on our Douglas-fir growing regions of Oregon and
Washington. We remain strongly committed to our timberlands and wood
products businesses.'
Weyerhaeuser first acquired forestland in Klamath Falls in 1905
and began building manufacturing facilities in the 1920s.
The transaction, which is subject to certain conditions including
regulatory review, is scheduled to close by the end of August."
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/ Sandy D. McDade
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Its: Secretary
Date: July 26, 1996
