Weyerhaeuser Permanently Closes Two Machines, Will Take 3Q Charge
Press release from the issuing company
FEDERAL WAY, Wash.- Sept. 28, 2001--Weyerhaeuser Company today said that it would report a nonrecurring after-tax charge of $20 million, or 9 cents per share, for costs associated with the permanent closure of a linerboard machine in Springfield, Ore., and a fine paper machine and paper sheeter in Longview, Wash.
Weyerhaeuser said weak market conditions, combined with the age of the machines, led to the decision to close both machines. Both machines have been idle since May due to market conditions.
Excluding the charge for closing the machines, Weyerhaeuser expects third quarter earnings to be between 40 and 45 cents per share.
Weyerhaeuser will report third quarter earnings on Oct. 23. The company will hold a live conference call the same day to discuss third quarter earnings. Details on the call will be announced later.
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