Chevron and Weyerhauser announce a JV partnership, Catchlight Energy LLC., which will produce cellulosic biofuels from non-food sources - specifically, Weyerhauser's scrap wood.
The weakening housing market as a consequence of the fallout in subprime lending sent WY stock down, given both the company's substantial lumber sales for new home construction, and the company's revenues from real estate development of its woodlands in prime areas.
Weyerhaeuser announced the decision to shut down a joists manufacturing plant in Alberta, Canada, after a strategic business review. The company cited a weak North American housing market in its decision.
Weyerhaeuser announced a profit of $755 million for the 13 weeks ended April 1.
Weyerhauser spins off its fine paper business in a merger with the paper company Domtar. The deal generated $1.35 billion in cash for the company, which will help reduce its debts.