Jul 07, 2014. /Lesprom Network/. Weyerhaeuser Company closes previously announced "Reverse Morris Trust" transaction, pursuant to which a wholly owned subsidiary of TRI Pointe Homes, Inc. (TPH) merged with and into Weyerhaeuser Real Estate Company (WRECO), Weyerhaeuser's homebuilding business and an indirect wholly owned subsidiary, with WRECO surviving the merger and becoming a wholly owned subsidiary of TRI Pointe. The closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions, as the company said in the press release received by Lesprom Network.

"The separation of WRECO focuses Weyerhaeuser on its forest products businesses while significantly enhancing shareholder value," said Doyle Simons, president and CEO. "As a result of this transaction, we have received approximately $700 million in cash proceeds and retired over $1.9 billion worth of the company's shares. The combination of WRECO with TRI Pointe will create a powerful stand-alone homebuilder with significant long-term potential for growth."

Beginning with the quarter ending June 30, 2014, results for WRECO will be presented as discontinued operations. Weyerhaeuser will report a net gain resulting from the separation as results from discontinued operations when it reports its results for the quarter ending September 30, 2014. In the Weyerhaeuser results for prior periods, presented for comparative purposes beginning with the quarter ended June 30, 2014, the results of WRECO business will be reclassified from continuing operations and presented as the results from discontinued operations.

Weyerhaeuser Company is one of the world's largest private owners of timberlands. Weyerhaeuser owns or controls nearly seven million acres of timberlands, primarily in the U.S., and manages another 13.9 million acres under long-term licenses in Canada.