Dec 19, 2008. /Lesprom.com/. The Board of directors of Weyerhaeuser Company declares a dividend of $0.25 per share on the common stock of the corporation payable March 2, 2009 to shareholders of record at the close of business January 30, 2009. This reduces the quarterly dividend payment from the previous level of $0.60, Weyerhaeuser informed Lesprom Network. The company said that the continued housing slump and a weaker pulp market will result in significantly lower than expected 4Q earnings. Weyerhaeuser expects challenging market conditions to continue through 2009. The company also announced the following strategic actions: - Board authorization to repurchase up to $250 million of the company’s outstanding shares. - Board approval of a capital spending level for 2009 in the range of $200 to $250 million, down from approximately $425 million in 2008. - A wage freeze at 2008 levels for executive and salaried employees. - Board approval of an amendment to the company’s bylaws to adopt a December 31 fiscal year end. “We are committed to making tough decisions as we manage through this downturn,” said Dan Fulton, President and CEO. “Through these actions, we are taking steps to preserve our financial strength, enhance our strategic flexibility, and position Weyerhaeuser to create shareholder value as the economy recovers.”