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
September 4, 1997
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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: (253)
924-2345
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Item 5. Other Events
On September 3, 1997, Weyerhaeuser Company issued the following
press release:
"FEDERAL WAY, Wash. - As part of a comprehensive strategic review
of its operations, raw material sources and geographic locations,
Weyerhaeuser Company (NYSE: WY) announced today it will
permanently close a plywood plant in Philadelphia, Miss., which
will allow it to strengthen the production capability of a
sawmill that operates on the same site. The plywood closure,
expected to be effective the first week in November, will result
in the elimination of approximately 180 plywood-related jobs.
The company will report charges associated with the closure
during the third quarter. These charges, when finalized, may be
material to third quarter earnings.
According to Mike Branson, vice president of Weyerhaeuser's
plywood business, `Philadelphia is our oldest and smallest
plywood operation, and is located in a very competitive
woodbasket in which raw material costs have risen significantly
in recent years. At the same time, the overall supply of
structural wood panels such as oriented strand board (OSB)
continues to expand, increasingly displacing traditional plywood
in more and more customer-applications.'
<PAGE>
He added, `This has been a difficult decision and we regret the
impact it will have on employees and their families. The men and
women who work in our Philadelphia plywood operation are skilled,
productive, valuable team members who have contributed
significantly to this facility over the 32 years it has been in
existence.'
Branson reinforced that the company will do everything it
reasonably can to help those directly impacted by the closure.
Employees may apply for jobs at other Weyerhaeuser facilities.
`It is our goal to place as many employees as possible in
positions within Weyerhaeuser,' he said.
Weyerhaeuser will offer outplacement assistance to employees
affected by the closure, including job search, counseling,
training and severance benefits. The strengthened sawmill and
remaining plantsite operations will continue to employ
approximately 200 people.
Branson said the plant would continue to operate until early
November to complete filling existing customer orders and
facilitate an orderly shutdown. During that time, the company
will be working to make the transition from Philadelphia Plywood
as smooth as possible for its customers. Branson emphasized that
long term, Weyerhaeuser remains committed to the plywood business
and to serving its plywood customers.
According to Lynn Endicott, vice president - southern lumber, `A
careful review of our Philadelphia operations showed the best
strategy for us to remain competitive at this location is to
strengthen the capabilities of our sawmill operations to their
full potential - while at the same time exiting the plywood
business on this site. We strongly believe this difficult but
necessary business decision is in the best, long-term interests
of
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Weyerhaeuser's continued manufacturing presence at Philadelphia
over the years to come. By improving our lumber competitiveness,
we will also provide an improved future for our Mississippi,
Alabama and Louisiana employees, customers and the communities in
which we operate across this three-state region.'
Previously, as part of a similar strategic review of its
operations in North Carolina, Weyerhaeuser announced the
reconfiguration of Wood Products businesses in eastern North
Carolina which included the closure of its Plymouth, N.C.,
plywood facility.
Weyerhaeuser is one of the largest integrated forest products
companies in the world. Its principal businesses are Timberlands
and Wood Products; Pulp, Paper and Packaging; and Real Estate. It
is also one of North America's largest recyclers of office
wastepaper, newspaper and corrugated boxes. Weyerhaeuser owns
and manages 624,000 acres of Mississippi forestland and operates
eight manufacturing facilities across the state. The company,
which has been growing trees and manufacturing wood products in
Mississippi since 1957, has 1,900 employees throughout the
state."
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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/ K. J. Stancato
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Its: Vice President and Controller
Date: September 4, 1997
