Weyerhaeuser to close Okanagan Falls sawmill

Sep 18, 2007. /Lesprom Network/. Weyerhaeuser Company announced on September 17, 2007 that it will restructure its operations in the Southern Interior of British Columbia by closing its Okanagan Falls sawmill, effective December 17, 2007, and modernizing its Princeton sawmill. "The decision to close the Okanagan Falls mill and to reinvest in Princeton was taken after a thorough review of how best to strengthen our long-term competitive position in the Southern Interior," said Craig Neeser, president, Weyerhaeuser Company Limited. "Today's announcement is not a reflection on the hard work of our Okanagan Falls employees, whose dedicated service has been a cornerstone of this operation. Unfortunately, the factors forcing this closure are beyond their control," he said. Mr. Neeser said Weyerhaeuser will work with its employees and the community over the next three months to ensure everyone will be treated fairly throughout this difficult process. As part of its plan to improve the competitiveness of this region, Weyerhaeuser also announced that further investments are planned at the Princeton sawmill over the next two years. These future plans are in addition to $5.5 million that the company will spend in 2007 to modernize the mill. In British Columbia, Weyerhaeuser will continue to retain sawmills in Princeton and associated timber harvesting operations as well as a hardwood sawmill and an engineered wood plant in the Lower Mainland. Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2006, sales were CAD 24.8 billion ($21.9 billion). It has offices or operations in 18 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Weyerhaeuser Company Limited, a wholly owned subsidiary, has Exchangeable Shares listed on the Toronto Stock Exchange.