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
May 23, 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
<PAGE>
Item 5. Other Events
On May 21, 1997, Weyerhaeuser Company issued the following press
release:
"FEDERAL WAY, Wash. - Weyerhaeuser Company today announced that it has
reached an agreement to sell the assets of Saskatoon Chemicals, Ltd.,
a subsidiary of Weyerhaeuser Canada, to a subsidiary of Sterling
Chemicals Holdings, Inc. of Houston Texas. Weyerhaeuser said it
expects the sale to have a favorable, material impact on its financial
results in the quarter in which the sale closes.
Terms of the sale were not disclosed.
Saskatoon Chemicals, which is located in Saskatoon, Saskatchewan,
employs 165 people and manufactures a variety of industrial products,
including water treatment and other chemicals for the forest products
industry. About 50 percent of the products manufactured by Saskatoon
Chemicals will be sold to Weyerhaeuser's pulp mills in Prince Albert
and Kamloops.
Weyerhaeuser said that it was selling the chemical operation as part
of its continuing effort to tighten focus on its core businesses.
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 recyclers of office wastepaper, newspaper and
corrugated boxes."
<PAGE>
On May 22, 1997, Weyerhaeuser Company issued the following press
release:
"FEDERAL WAY, Wash. - Weyerhaeuser Company announced today the closing
of the sale of Weyerhaeuser Mortgage Company to WMC Acquisition Co.,
an entity formed by Apollo Management, L.P,. and Spring Mountain
Escrow Corporation. The purchase price, which is subject to post
closing adjustments, was approximately $192 million. The sale is
expected to have a favorable, material effect on Weyerhaeuser's
earnings during the second quarter of 1997.
Weyerhaeuser Mortgage Company, now called WMC Mortgage Co. to expand
upon the existing WMC name, focuses on residential mortgage loan
origination, insurance and escrow services in the Western United
States with significant operations in the Southwest, Northwest,
Southeast and Mid-Atlantic. WMC Mortgage Company is based in Woodland
Hills, Calif.
The new CEO of WMC Mortgage, Scott McAfee, said, `We are extremely
excited about the opportunities that lay ahead of us at WMC Mortgage.
Our business plan calls for a high-service focus on all of WMC
Mortgage's retail and wholesale customers with a particular emphasis
on our home-building clients. Additionally, we look forward to
continued growth in WMC Equity Services, our dynamic sub-prime
mortgage originator.'
Apollo Management, L.P., together with its affiliates, manages an
investment portfolio in excess of $5 billion. Spring Mountain Escrow
Corporation is the largest independent escrow company in California.
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 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
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Its: Vice President and Controller
Date: May 23, 1997
