Federal Way, WA, July 31, 2006--Weyerhaeuser Co., said it completed the sale of its North American composite panels business to Flakeboard America Ltd., the U.S. subsidiary of Markham, Ontario-based Flakeboard Co. Ltd.
Terms of the deal, which was announced in June, were not released.
As part of the transaction, Flakeboard gains Weyerhaeuser mills in Albany, Ore.; Bennettsville, S.C.; Eugene, Ore.; Malvern, Ark. and Simsboro, La. The mills can produce a total of 1.1 billion square feet of particle board annually.
Weyerhaeuser is currently in the middle of a restructuring. Last week, it reported that second-quarter earnings fell 25 percent on a slowdown in the U.S. housing market. The company also said it is in talks to sell its fine paper business.
