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Weyerhaeuser raises $404 mln from timber sales |
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| USA: July 1, 2004 | ||
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NEW YORK - Weyerhaeuser Co. (WY.N: Quote, Profile, Research) has sold about 304,000 acres of Georgia timberlands to four companies, raising a total of about $404 million that will be used to pay down debt, the forest products company said yesterday.
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Also yesterday, Credit Suisse First Boston analyst Mark Connelly upgraded his rating on the Federal Way, Washington-based company. Its shares rose more than 1 percent in early trading. Connelly raised his rating on Weyerhaeuser to "neutral" from "underperform," saying its near term results should be "excellent, as high wood prices show up on the bottom line and energy consumption combines with lower chip prices to help get paper profits up." Weyerhaeuser said the timberland sales - to Virginia Forest Investment LLC, Georgia Fall Line Properties LLC, Southern Timber Consultants LLC and Copper Station Holdings 3 - are expected to close in the third quarter. After the deals are closed, the company said it will own or manage about 6.5 million acres of U.S. timberland and continue operating nine facilities in Georgia. Shares of Weyerhaeuser rose 76 cents to $61.76 in early trade on the New York Stock Exchange.
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REUTERS NEWS SERVICE
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