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Weyerhaeuser

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"Weyco" redirects here. For the footwear company, seeWeyco Group.
For other uses, seeWeyerhaeuser (disambiguation).
Weyerhaeuser Company
Company typePublic
NYSE:WY
S&P 500 Component
IndustryReal estate investment trust
Founded1900;124 years ago(1900),Tacoma, Washington,U.S.[1]
FounderFriedrich Weyerhäuser
HeadquartersSeattle, Washington,U.S.
Key people
Devin Stockfish (CEO)[2]
ProductsForest products
RevenueIncreaseUS$10.18 billion(2022)[3]
IncreaseUS$3.08 billion(2022)[3]
DecreaseUS$1.88 billion(2022)[3]
Total assetsDecreaseUS$17.59 billion(2022)[3]
Total equityIncreaseUS$10.84 billion(2022)[3]
Number of employees
Decrease9,214(2022)[4]
SubsidiariesDe 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
Websiteweyerhaeuser

TheWeyerhaeuser Company(/ˈwɛərhaʊzər/WAIR-how-zər) is an Americantimberlandcompany 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.[5]The company has manufacturedwoodproducts for over a century.[6]It operates as areal estate investment trust(REIT).[5]


History

[edit]

In 1900, after years of successful Mississippi River-based lumber and mill operations withFrederick Denkmannand others,Frederick Weyerhäusermoved west to fresh timber areas and founded the Weyerhäuser Timber Company. Fifteen partners and 900,000 acres (1,400 sq mi; 3,600 km2) ofWashingtontimberland were involved in the founding,[7]and the land was purchased fromJames J. Hillof theGreat Northern Railway.[8]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 pulpmill 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, Washingtonusing aNew Urbanismmodel.[9]

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.[10]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 Paperfor $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.[11]The deal closed on August 4, 2008.[12]

Weyerhaeuser converted into aREITwhen it filed its 2010 tax return.[13]

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.[14]

In 2014, Weyerhaeuser spun off its home building unit toTRI Pointe Homesin a $2.8 billion transaction.[15]The company also announced its intention to sellits corporate headquartersinFederal Wayand relocate to Seattle'sPioneer Squarein 2016.[16]The sale and move were completed in 2016.[17]

On November 8, 2015, it was announced that Weyerhaeuser would buyPlum Creek Timberfor $8.4 billion, forming the largest private owner of timberland in the United States.[18]The transaction closed on February 19, 2016.[19]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 Servicecase 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.[20]

Operations

[edit]

The company's operations are divided into three major business segments:

Corporate governance

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Devin Stockfish is the CEO and president of Weyerhaeuser Company. The Weyerhaeuserboard of directorsconsists 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.[22]

President

[edit]

Friedrich Weyerhäuser,1900–1914
John Philip Weyerhaeuser Sr., 1914–1928
Frederick S. Bell, 1928–1934
Frederick Edward Weyerhaeuser, 1934–1945
Horace H. Irvine, 1946–1947
John Philip Weyerhaeuser Jr., 1947–1956
Frederick King Weyerhaeuser, 1956–1960
M. Norton Clapp,1960–1966
George Hunt Weyerhaeuser, 1966–1991
John W. Creighton Jr.,1991–1997
Steven R. Rogel,1997–2008
Daniel S. Fulton, 2008–2013
Doyle R. Simons, 2013–2018
Devin W. Stockfish, 2019–

Chairman of the Board

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Frederick S. Bell, 1934–1938
Laird Bell,1947–1955
Frederick King Weyerhaeuser, 1955–1957
M. Norton Clapp,1957–1960
Frederick King Weyerhaeuser, 1960–1966
M. Norton Clapp,1966–1976
Robert B. Wilson, 1976–1988
George Hunt Weyerhaeuser, 1988–1999
Steven R. Rogel,1999–2009
Charles R. Williamson, 2009–2016
Rick R. Holley, 2016–

References

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  1. ^"Weyerhaeuser Company History".Archivedfrom the original on 2019-07-05.Retrieved2019-08-07.
  2. ^"WEYERHAEUSER TO IMPLEMENT LEADERSHIP SUCCESSION PLAN".Weyerhaeuser. 2018-08-27.Retrieved2019-07-17.
  3. ^abcde"Weyerhaeuser Financials 2009 - 2022".macrotrends.net.February 6, 2023.Archivedfrom the original on February 6, 2023.RetrievedFebruary 6,2023.
  4. ^"Weyerhaeuser: Number of Employees 2010-2022".macrotrends.net.February 6, 2023.Archivedfrom the original on February 6, 2023.RetrievedFebruary 6,2023.
  5. ^ab"Weyerhaeuser Timber Company, Form 10-K, Annual Report, Filing Date Feb 16, 2018".secdatabase.Archivedfrom the original on May 14, 2018.RetrievedMay 13,2018.
  6. ^"Weyerhaeuser Co (NYSE:WY) Stock Price While Sentiment Crashed to 0.86".Enbulletin.2018-12-17.Archivedfrom the original on 2018-12-22.Retrieved2018-12-21.
  7. ^"Weyerhaeuser History".Weyerhaeuser.Archivedfrom the original on 2024-06-16.Retrieved2024-06-26.
  8. ^"Weyerhaeuser makes one of the largest land purchases in United States history on January 3, 1900".HistoryLink.org.Archivedfrom the original on 2007-08-27.Retrieved2007-08-23.
  9. ^Veninga, Catherine (2004), "Spatial Prescriptions and Social Realities: New Urbanism and the Production of Northwest Landing",Urban Geography,25(4): 458–482,doi:10.2747/0272-3638.25.5.458,S2CID145225052
  10. ^"Weyerhaeuser Welcomes Oregon Willamette Employees as Companies Combine to grow Global Leader"(Press release). PR Newswire.Archivedfrom the original on 2007-09-29.Retrieved2007-04-19.
  11. ^"Weyerhaeuser Timber Company, Form 8-K, Current Report, Filing Date Mar 20, 2008"(PDF).secdatabase.Archived(PDF)from the original on May 14, 2018.RetrievedMay 13,2018.
  12. ^"Weyerhaeuser Timber Company, Form 10-Q, Quarterly Report, Filing Date Aug 8, 2008".secdatabase.Archivedfrom the original on May 14, 2018.RetrievedMay 13,2018.
  13. ^Weyerhaeuser Declares Special Dividend, Marks Milestone in Planned REIT Conversion,http://investor.weyerhaeuser /2010-07-12-Weyerhaeuser-Declares-Special-Dividend-Marks-Milestone-in-Planned-REIT-ConversionArchived2014-05-27 at theWayback Machine
  14. ^"Weyerhaeuser pays $2.6B to snag Longview Timber".Seattle Times. 2013-06-16.Archivedfrom the original on 2014-09-21.Retrieved2014-05-26.
  15. ^"With Merger Closed, TRI Pointe Homes to Focus on Expansion, New Services".The Wall Street Journal. 2014-07-07.Archivedfrom the original on 2014-07-11.Retrieved2014-07-13.
  16. ^"Weyerhaeuser moving to Seattle's Pioneer Square".The Seattle Times. 2014-08-26.Archivedfrom the original on 2014-08-27.Retrieved2014-08-27.
  17. ^"Weyerhaeuser sets down in urban Seattle after decades in Federal Way".The Seattle Times. 2016-10-10.Archivedfrom the original on 2016-10-12.Retrieved2016-10-10.
  18. ^Bhatt, Sanjay (November 8, 2015)."Weyerhaeuser is buying Plum Creek for $8.4B to form timber giant".The Seattle Times.Archivedfrom the original on November 20, 2015.RetrievedNovember 9,2015.
  19. ^"Weyerhaeuser completes merger with Plum Creek - Feb 19, 2016".Archivedfrom the original on 2017-04-14.Retrieved2017-04-21.
  20. ^"WEYERHAEUSER CO. v. UNITED STATES FISH AND WILDLIFE SERVICE ET AL"(PDF).Archived(PDF)from the original on 2019-01-23.Retrieved2019-03-28.
  21. ^"Document".2016 Annual Report.Archivedfrom the original on 2017-08-14.Retrieved2017-05-08.
  22. ^"Weyerhaeuser Board of Directors".Weyerhaeuser.Archivedfrom the original on 2020-12-02.Retrieved2020-12-22.

Further reading

[edit]
[edit]
  • Weyerhaeuser(official website)
  • Weyerhaeuser Company EDGAR Filing History
  • Business data for Weyerhaeuser:
  • Inventory of the Weyerhaeuser Company Records, 1864-2010(Forest History Society)
  • Historical Annual Reports for Weyerhaeuser
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