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February 22, 2016

Weyerhaeuser completes giant merger with Plum Creek

Weyerhaeuser last week announced the completion of the merger with Plum Creek Timber Company, Inc. Shareholders of both companies approved the transaction at separate special meetings of shareholders held on Feb. 12, 2016. The combined company retains the Weyerhaeuser name and continues to be traded under the WY ticker symbol on the New York Stock Exchange.

"This is an exciting day for Weyerhaeuser as we bring together the best assets and talent in the industry," said Doyle R. Simons, president and CEO. "In the coming months, we will be relentlessly focused on creating value for our shareholders by capturing cost synergies, leveraging our scale, sharing best practices, delivering the most value from every acre and driving operational excellence. I look forward to being part of this outstanding team as we work together to be the world's premier timber, land and forest products company."

The combined company owns more than 13 million acres (5.6 million hectares) of diverse and productive timberlands and operates 38 wood products manufacturing facilities across the US. The total worth of the combined companies is US$23 billion based on share prices. The company anticipates that the move will save up to US$100 million every year.
Weyerhaeuser also announced the members of the combined company's board of directors. As previously announced, the 13-person board includes eight directors from the pre-closing Weyerhaeuser board and five directors from the pre-closing Plum Creek board. The directors include: Rick R. Holley (non-executive chairman), David P. Bozeman, Mark A. Emmert, Sara Grootwassink Lewis, John I. Kieckhefer, John F. Morgan Sr., Nicole W. Piasecki, Marc F. Racicot, Lawrence A. Selzer, Doyle R. Simons, D. Michael Steuert, Kim Williams, and Charles R. Williamson.
 
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