 | |
| Company type | Public |
|---|---|
| Industry | Real estate investment trust |
| Founded | 1900; 125 years ago (1900),Tacoma, Washington, U.S.[1] |
| Founder | Friedrich Weyerhäuser |
| Headquarters | Seattle, Washington, U.S. |
Key people | Devin Stockfish (CEO)[2] |
| Products | Forest products |
| Revenue |  US$7.12 billion (2024) |
| US$685 million (2024) | |
| US$396 million (2024) | |
| Total assets | US$16.5 billion (2024) |
| Total equity | US$9.72 billion (2024) |
Number of employees | 9,440 (2024) |
| Subsidiaries | De Queen and Eastern Railroad,Texas, Oklahoma and Eastern Railroad,Weyerhaeuser Real Estate Company, Weyerhaeuser NR Co, Weyerhäuser Timber Company,Willamette Industries, Inc.,Domtar, Longview Timber,Plum Creek Timber |
| ASN | |
| Website | weyerhaeuser |
| Footnotes / references [3] | |
TheWeyerhaeuser Company (/ˈwɛərhaʊzər/WAIR-how-zər) is an Americantimberland company which owns nearly 12,400,000 acres (19,400 sq mi; 50,000 km2) of timberlands in the U.S., and manages an additional 14,000,000 acres (22,000 sq mi; 57,000 km2) of timberlands under long-term licenses in Canada.[4] The company has manufacturedwood products for over a century.[5] It operates as areal estate investment trust (REIT).[4]
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In 1900, after years of successful Mississippi River-based lumber and mill operations withFrederick Denkmann and others,Frederick Weyerhäuser moved west to fresh timber areas and founded the Weyerhäuser Timber Company. Fifteen partners and 900,000 acres (1,400 sq mi; 3,600 km2) ofWashington timberland were involved in the founding,[6] and the land was purchased fromJames J. Hill of theGreat Northern Railway.[7] In 1929, the company built what was then the world's largest sawmill inLongview, Washington. Weyerhaeuser's pulp mill in Longview, which began production in 1931, sustained the company financially during theGreat Depression. In 1959, the company eliminated the word "Timber" from its name to better reflect its operations. In 1965, Weyerhaeuser built its first bleachedkraft pulp mill in Canada. Weyerhaeuser implemented its High Yield Forestry Plan in 1967 which drew upon 30 years of forestry research and field experience. It called for the planting of seedlings within one year of a harvest,soil fertilization, thinning, rehabilitation of brushlands, and, eventually, genetic improvement of trees. In 1975 the company bought the 3,200 acres of land of the Northwest Landing and developed the town ofDuPont, Washington using aNew Urbanism model.[8]
Weyerhaeuser consolidated its core businesses in the late 1990s and ended its services inmortgage banking, personal care products, financial services, and information systems consulting. Weyerhaeuser also expanded into South America, Australia, and Asia. In 1999, Weyerhaeuser purchasedMacMillan Bloedel Limited, a large Canadian forestry company. Then in 2002 after a protracted hostile buyout, the company acquiredWillamette Industries, Inc. ofPortland, Oregon.[9] On August 23, 2006, Weyerhaeuser announced a deal which spun off its fine paper business to be combined withDomtar, a $3.3 billion cash and stock deal leaving Weyerhaeuser stockholders with 55 percent ownership of the new Domtar company.
In March 2008, Weyerhaeuser Company announced the sale of its containerboard packaging and recycling business toInternational Paper for $6 billion in cash, subject to post closing adjustments. The transaction included nine containerboard mills, 72 packaging locations, 10 specialty packaging plants, four craft bag and sack locations and 19 recycling facilities. The transaction affected approximately 14,300 employees.[10] The deal closed on August 4, 2008.[11]
Weyerhaeuser converted into aREIT when it filed its 2010 tax return.[12]
In 2013, Weyerhaeuser purchased Longview Timber for $2.65 billion including debt fromBrookfield Asset Management. The acquisition added 645,000 acres (1,008 sq mi; 2,610 km2) of timberland to Weyerhaeuser's holdings in Oregon and Washington.[13]
In 2014, Weyerhaeuser spun off its home building unit toTRI Pointe Homes in a $2.8 billion transaction.[14] The company also announced its intention to sellits corporate headquarters inFederal Way and relocate to Seattle'sPioneer Square in 2016.[15] The sale and move were completed in 2016.[16]
On November 8, 2015, it was announced that Weyerhaeuser would buyPlum Creek Timber for $8.4 billion, forming the largest private owner of timberland in the United States.[17] The transaction closed on February 19, 2016.[18] At the time of the merger the combined companies own about 13,000,000 acres (20,000 sq mi; 53,000 km2) of timberlands.[citation needed]
In 2018, it won theWeyerhaeuser Company v. United States Fish and Wildlife Service case in the U.S. Supreme Court regarding whether private land can be classified as critical habitat if the land is not currently suitable as habitat for the protected species.[19]
The company's operations are divided into three major business segments:
Devin Stockfish is the CEO and president of Weyerhaeuser Company. The Weyerhaeuserboard of directors consists of:Mark Emmert, Sara Grootwassink Lewis, Rick Holley, Deidra "Dee" Merriwether, Al Monaco, Nicole Piasecki,Marc Racicot, Lawrence Selzer, D. Michael Steuert, Devin Stockfish, Kim Williams and Charles Williamson.[21]
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