SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
the Securities Exchange Act of 1934
February 24, 1997
--------------------------------------------
(Date of earliest event report)
WEYERHAEUSER COMPANY
-----------------------------------------------------
(Exact name of registrant as specified in charter)
Washington 1-4825 91-0470860
---------- ------ ----------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
Tacoma, Washington 98477
------------------------------------------
(Address of principal executive offices)
(zip code)
Registrant's telephone number, including area code:
(206) 924-2345
<PAGE>
Item 5. Other Events
On February 24, 1997, Weyerhaeuser Company issued the following
press release:
"FEDERAL WAY, Wash. - Weyerhaeuser Company today announced that
it expects to take an after-tax charge of approximately $25
million, 12 cents per common share, against earnings in the first
quarter of 1997.
The charge reflects the impact of closure, consolidation or
disposition of recycling facilities; the permanent closure of its
corrugated medium machine at Longview, Wash.; the anticipated
sale of Shemin Nurseries, a wholesale nursery business based in
Danbury, Conn.; and interest income from the favorable federal
tax decision relating to casualty losses associated from the
eruption of Mount St. Helens in 1980.
`Recycling remains a core business, but we must make some
adjustments to our nationwide system to meet the needs of
internal and external customers in an increasingly competitive
marketplace. This will require us to close, consolidate or
dispose of selected recycling assets,' said John W. Creighton,
Jr., president and chief executive officer of Weyerhaeuser.
`Our corrugated medium machine at Longview is not large enough to
be a cost competitive operation,' Creighton continued. `After
examining the limited options available to us we have decided to
permanently close the corrugated operation there,' he explained.
`Selling Shemin, the last of our nursery distribution operations,
along with the previously announced agreement to sell
Weyerhaeuser Mortgage Company, demonstrates our continuing
efforts to tighten the focus on our principal business segments,'
said Creighton. He also said `at this time we expect the
Weyerhaeuser Mortgage Company sale to close in the second quarter
of 1997, although it is subject to regulatory approvals and other
contingencies.' He further noted that, if the transaction closes
as presently anticipated, the company's expectation is that the
transaction will have a material favorable effect on the
company's operating results and cash flow in the quarter in which
it closes.
<PAGE>
Weyerhaeuser Company is one of the largest integrated forest
products companies in the world. Its principal segments are
timberlands and wood products; pulp, paper and packaging; and
real estate. It is the world's largest private owner of
merchantable softwood timber and producer of softwood lumber and
market pulp. It is also one of North America's largest producers
of forest products and recyclers of office wastepaper, newspaper
and corrugated boxes."
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
--------------------
Its: Vice President and Controller
Date: February 24, 1997
