Weyerhaeuser will take charges in the second quarter
Federal Way, Wash.-based forest products company Weyerhaeuser has announced it will take $300 million to $325 million in second-quarter charges for impairments related to its real estate business.
The charge is the result of decisions to lower prices or abandon projects in response to the “continued deterioration of the housing market,” the company said.
Weyerhaeuser also said that its containerboard packaging and recycling division was hurt after storms and flooding in the Midwest forced the shutdown of some production facilities, decreasing its ability to ship goods for a period of time. The company’s containerboard mill in Cedar Rapids, Iowa, has been down for two weeks and is expected to resume operations in early July, the company said.
Weyerhaeuser will announce its second-quarter financial results before the market opens on Aug. 5.