Weyerhaeuser Company

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Weyerhaeuser Company

33663 Weyerhaeuser Way South
Federal Way, Washington 98003-9620
U.S.A.
Telephone: (253) 924-2345
Toll Free: (800) 525-5440
Fax: (253) 924-2685
Web site: http://www.weyerhaeuser.com

Public Company
Incorporated: 1900 as Weyerhaeuser Timber Company
Employees: 49,887
Sales: $22.63 billion (2005)
Stock Exchanges: New York Chicago
Ticker Symbol: WY
NAIC: 113110 Timber Tract Operations; 233210 Single Family Housing Construction; 321113 Sawmills; 321211 Hardwood Veneer and Plywood Manufacturing; 321212 Softwood Veneer and Plywood Manufacturing; 321219 Reconstituted Wood Product Manufacturing; 322110 Pulp Mills; 322121 Paper (Except Newsprint) Mills; 322130 Paperboard Mills; 322211 Corrugated and Solid Fiber Box Manufacturing; 233110 Land Subdivision and Land Development; 423930 Recyclable Material Merchant Wholesalers

Weyerhaeuser Company is one of the world's largest private owners of softwood timber and one of the world's largest producers of softwood lumber, hardwood lumber, engineered lumber, softwood market pulp, and containerboard and paper-based packaging products. This diversified forest products company owns and leases 6.4 million acres of timberland in the United States, has licenses for 27.6 million acres in Canada, and also owns 518,000 acres elsewhere, mainly in Uruguay and New Zealand. Weyerhaeuser is also one of the world's leading recyclers of paper and pulp products. One of the largest homebuilders in the United States, Weyerhaeuser is involved in real estate development and construction, specifically single-family housing, residential lots, and master-planned communities. The company is primarily focused on the North American market, as 84 percent of revenues are generated in the United States, with another 5 percent originating in Canada. The production of wood products is the firm's single largest business segment, accounting for more than 40 percent of overall sales.

EARLY HISTORY

Weyerhaeuser Timber Company, headquartered in Tacoma, Washington, was incorporated in 1900 as a joint venture in Pacific Northwest timber (900,000 acres of forestland in western Washington) by James J. Hill, railroad magnate, and Frederick Weyerhaeuser, joint owner of Weyerhaeuser & Denkmann, a Midwestern lumber company that relied on forests in Wisconsin and Minnesota. Weyerhaeuser remained privately owned, primarily by the Weyerhaeuser family, until 1963.

Prior to World War I, the company was run by Frederick Weyerhaeuser. A German-born immigrant to the Midwest before the Civil War, his business philosophy evolved over his lifetime and became the operating philosophy for the new company. Weyerhaeuser felt that "the way to make money is to let the other fellow make some too."

Timber holdings doubled in the period preceding World War I. In 1902 the company purchased its first sawmill, located in Everett, Washington, to produce lumber. Then in 1915 the firm built a mill for the first time, the nation's first all-electric lumber mill, also located in Everett. Company plans to market lumber on the East Coast, using the new Panama Canal, were delayed until the end of World War I.

Although demand for lumber for railroad cars declined during World War I as steel was utilized, demand for lumber for military planes and other military uses increased. In the early days of the lumber mill, itinerant single men formed the core of the mill's laborers. Represented by the International Workers of the World (the Wobblies), they pushed for better working conditions, including an eight-hour work day. A struggle resulted, and labor unrest threatened the war effort. To ensure a steady supply of lumber for war material, the federal government established a union for the industry, something never done before or since. The union, the Loyal Legion of Loggers and Lumbermen, prevailed in its demand for the eight-hour day and 40-hour week. The hours changed the workforce; family men then constituted the core of workers in lumber.

The surplus of naval vessels at the end of the war allowed Weyerhaeuser to purchase ships at a reasonable cost to transport lumber to the East Coast through the Panama Canal. Weyerhaeuser Sales Company had been established in 1916 to promote this postwar expansion of markets.

PIONEERING IN REFORESTATION

John P. Weyerhaeuser, eldest son of the founder, led the company during the war and through the 1920s. He relied heavily, as had his father, on George Long, general manager from 1900 to 1930. Long, an early proponent of reforestation, approached the federal government before the war to lobby for cooperative forest fire prevention and for lower property taxes for timberland to make reforestation economically viable. This lobbying led to the Clark-McNary Act in 1924, which addressed these issues and expanded the national forest. The act also encouraged changes in taxation policies at the state level to promote reforestation. Weyerhaeuser responded by creating the Logged Off Land Company in 1925 to handle the sale of "logged off" land, to study reforestation, and to lobby at the state level for lower timberland taxes.

By the end of the 1920s Weyerhaeuser was the largest private owner of timber in the United States. At the beginning of that decade the company had produced its first national advertising campaign, promoting the lumber industry. By the decade's end the company's advertisements focused on the upgraded quality of its lumber, by trademarking and grademarking lumber, as well as by taking more care in handling the lumber during shipment to market.

The Great Depression produced hard times for the company, as few businesses or homes were being built. The depression in the lumber market would have been devastating if not offset by the company's diversification into pulp in 1931. By 1933 profits from pulp offset losses from lumber. The New Deal's Civilian Conservation Corps assisted in reforestation of logged off land during this period. State tax laws in the Pacific Northwest were amended to provide lower taxes for timberland, promoting reforestation. In 1941 the company started the first tree farm in the United States, near Gray's Harbor in Washington.

In 1935 the kidnapping of George Weyerhaeuser, the nine-year-old son of CEO John P. Weyerhaeuser, Jr., catapulted the Weyerhaeuser family to national attention. The Weyerhaeuser kidnapping ended happily, with the child safe, the ransom recovered, and the kidnappers apprehended. George Weyerhaeuser grew up to become president of his family's company.

In 1940 the company expanded its lumber business to include plywood and paneling. The Lend-Lease Program to assist the British prior to U.S. entry into World War II found Weyerhaeuser transport ships utilized to carry lend-lease material to the British in Egypt. During the war itself, the company served as an agent of the War Shipping Administration, directing 68 freighters and troop ships, of which two were sunk in combat.

COMPANY PERSPECTIVES

Our Mission: Produce superior returns for our shareholders by focusing on our customers and safely growing and harvesting trees, manufacturing and selling forest products, and building and selling homes.

Rapid technological and commercial changes in the lumber industry after the war affected Weyerhaeuser. The hand-operated whipsaw was replaced by the power chainsaw, and truck hauling replaced hauling by rail. Pent-up demand in construction, from the 1930s and early 1940s, led to greatly increased sales of lumber in this postwar era.

The company's organizational structure, highly informal and fraternal, was altered to accommodate rapid postwar expansion: more formal programs and reports were instituted, and subsidiaries were absorbed. A philanthropic foundation was established, and the Weyerhaeuser Real Estate Company replaced the Logged Off Land Company.

DIVERSIFICATION IN THE
POSTWAR ERA

Under the continued leadership of the Weyerhaeuser family, the company expanded into particle board production, ply-veneer, hardboard, and hardwood paneling in the 1950s. Timberland holdings expanded beyond the Pacific Northwest for the first time, as land was purchased in Mississippi and Alabama in 1956 and in North Carolina the following year. Also in 1957, Weyerhaeuser entered the packaging business, producing corrugated shipping containers, paperboard, folding cartons, and milk cartons for such well-known firms as the Quaker Oats Company.

In 1958 Weyerhaeuser Sales Company, established in 1916, was absorbed into the parent company and Weyerhaeuser International, S.A. was created to expand into foreign markets. With its increased diversification, the company in 1959 dropped "Timber" from its official name to become Weyerhaeuser Company and adopted its current trademark, a tree in a triangle over the word "Weyerhaeuser."

In 1960, for the first time in company history, the presidency of Weyerhaeuser passed out of the family to Norton Clapp. Although Weyerhaeuser shares had for some time been periodically available for purchase by the public in the "over the counter" market, the company under Clapp officially went public in December 1963, with listings on the New York and Pacific Stock Exchanges. It entered the fine paper business in 1961 via the acquisition of Hamilton Paper Company and also expanded into the Japanese market as a result of surplus lumber involuntarily "logged" by Typhoon Frieda's 150-mile-per-hour winds in 1962. Weyerhaeuser's first overseas office was opened in Tokyo in 1963. In 1964 and 1965 European offices were opened in France and Belgium, respectively. The company acquired a wood products distribution firm in Australia, and it entered into a joint venture for bleached kraft pulp in Canada.

KEY DATES

1900:: Weyerhaeuser Timber Company, based in Tacoma, Washington, is incorporated as a joint venture by James J. Hill and Frederick Weyerhaeuser.
1915:: Company builds the nation's first all-electric lumber mill.
1929:: Weyerhaeuser ranks as the largest private owner of timber in the United States.
1931:: Company diversifies into pulp.
1940:: Plywood and paneling are added to the product lineup.
1957:: Weyerhaeuser enters the packaging business.
1958:: Weyerhaeuser International, S.A. is formed to expand into foreign markets.
1959:: Company drops "Timber" from its name, becoming Weyerhaeuser Company, and adopts its "tree in a triangle" logo.
1960:: Presidency of the firm passes out of the Weyerhaeuser family for the first time.
1963:: Company goes public and opens its first overseas office, in Tokyo.
1969:: Weyerhaeuser enters the homebuilding business.
1971:: Headquarters are shifted to Federal Way, Washington.
1989:: Major restructuring is launched to refocus firm on core businesses.
1992:: Two pulp mills, several sawmills, and 175,000 acres of timberland in Georgia are acquired from the Procter & Gamble Company.
1997:: Steven R. Rogel is brought onboard as the first outsider to run Weyerhaeuser.
1999:: Vancouver, British Columbia-based Mac-Millan Bloedel Limited is acquired.
2002:: Weyerhaeuser acquires Willamette Industries, Inc. in an $8.1 billion deal.
2006:: Weyerhaeuser announces plan to spin off its fine paper operations and merge them with Domtar Inc.

Clapp was succeeded as CEO in 1966 by George Weyerhaeuser, who served until 1988. Growth per year in the high-yield forestry program doubled, while the company contracted its first long-term debt. By the end of the 1960s annual sales exceeded $1 billion. In 1969 Weyerhaeuser entered the homebuilding business through the acquisitions of Quadrant Corporation of Washington and Pardee Construction Company of California, leading to the formation of Weyerhaeuser Real Estate Company that same year. The real estate operations grew through the purchases of Dallas-based Centennial Homes, Inc. and Florida residential builder Babcock Company in 1970 and 1972, respectively. In the meantime, Weyerhaeuser in the fall of 1969 completed its largest ever single purchase of land when it purchased from Dierks Forests 1.8 million acres of forestland in Arkansas and Oklahoma along with several sawmills and paper mills.

The 1970s were years of phenomenal growth, with sales surpassing the $2 billion mark in 1973. Sales doubled in five years and doubled again before the end of the decade. Weyerhaeuser entered the disposable diaper business in 1970; moved its corporate headquarters to Federal Way, Washington, in 1971; and centralized research in Tacoma in 1975. At the decade's end the company concluded an agreement with China to work there on the world's largest reforestation effort. In 1979 company sales were $4.4 billion.

If the 1970s were a boom decade, the early 1980s were a bust, with tight credit in housing leading to a depression in lumber similar to that of the 1930s. The volcanic eruption of Mount Saint Helens in May 1980 was also a blow to the company. Weyerhaeuser's Saint Helens Tree Farm was just below the mountain's dome, and the company lost 68,000 acres of timberland. Fortunately, the eruption took place on a Sunday, and fewer workers were in the path of the devastation. As a result of the eruption timberland values in the Northwest fell 75 percent. The company maintained dividends through its diversification into real estate and financial services. In 1986 Weyerhaeuser became the first U.S. forest products company listed on the Tokyo Stock Exchange and soon became the third most traded foreign stock there.

In response to difficult economic conditions, down-sizing and economizing became company emphases in the 1980s. In one dramatic example, Weyerhaeuser instituted safety measures that reduced workers' compensation claims from $30 million to $10 million by 1990. To cut production costs still further, the company introduced a plantwide computer integrated manufacturing system.

CREIGHTON-LED REORGANIZATION AND RESTRUCTURING

In 1988 John Creighton became president of Weyerhaeuser, and George Weyerhaeuser became chairman. Creighton reevaluated the company's diversification into areas outside of forest products. By the 1980s the company had become involved in insurance, homebuilding, mortgage banking, garden products, pet supplies, and disposable diapers. While these businesses contributed greatly to the company's sales volume, they added very little to profits. As the head of Weyerhaeuser's nursery operations noted in the Wall Street Journal several years later, after the divestiture of his unit, "Weyerhaeuser was darn good at growing trees, but they sure didn't know anything about garden supplies."

Creighton reorganized Weyerhaeuser to focus the company's priorities and develop a coherent long-term strategy, selling less profitable businesses and returning to a focus on forest products. As part of the restructuring program, Creighton altered the company's incentive system to reward each mill for profitability rather than the amount of product it manufactured. He also whittled Weyerhaeuser's product lines to concentrate on high-quality, higher-margin products such as white papers and high-grade lumber. By 1990 the company had sold or closed operations that had previously accounted for nearly $1 billion in sales. The loss of this revenue, however, affected virtually none of its profits.

As the restructuring program was gaining momentum in 1989, an economic recession loomed. After posting a record high of more than $10 billion in sales in 1989, Weyerhaeuser's sales dipped to $9 billion in 1990 and profits fell by 35 percent. The decline was attributed to decreased housing and other construction projects as banks grew more reluctant to lend money and, in addition, to an oversupply of pulp and paper in the market that lowered the price of paper. In 1991 the financial situation did not improve. Sales fell to $8.7 billion, and the company recorded a loss of $162 million compared to a profit of $565 million three years earlier.

Although significant, the losses suffered by Weyerhaeuser were not as large as those incurred by the rest of the forest industry. Beyond the damaging effects of the recession, other companies also sustained losses because of the protection of federal timberlands that reduced their supply of wood. With 5.5 million acres of federal timberland cordoned off in the Pacific Northwest, lumber prices soared, and Weyerhaeuser was able to reap the benefits, harvesting timber on land it owned. This enviable position resulted in greater earnings for the company, and it was able to rebound from 1991's disastrous year. Profits in the first quarter of 1991 jumped 81 percent and, for the year, the company recorded earnings of $372 million. Also in 1991 Creighton added CEO responsibilities to his duties as president.

By 1992 the company had closed 50 plants, representing roughly 20 percent of its operating facilities, as part of its restructuring program, and it continued the divestiture of businesses that did not support the company's core business strategy. In 1993 Weyerhaeuser's diaper business was sold for $215 million; GNA Corporation, Weyerhaeuser's consumer finance unit, was sold for $525 million, which represented the largest divestiture ever made by the company. In addition to shedding businesses that no longer fit the company, Weyerhaeuser strengthened its core businesses through the purchase of two pulp mills, several sawmills, and approximately 175,000 acres of timberland in Georgia from the Procter & Gamble Company in 1992 for $600 million. The company also undertook a $1 billion modernization program to overhaul three of its largest paper mills—in Plymouth, North Carolina; Longview, Washington; and Kamloops, British Columbia.

Despite its large landholdings, Weyerhaeuser was not exempt from federal environmental regulations, and the company had to strike a deal with federal wildlife regulators to log in areas of Oregon inhabited by the endangered northern spotted owl. The company agreed in 1995 to leave corridors of larger, older trees, which the owls could use to move from Weyerhaeuser land to that of national forests. It was in large part through Creighton's leadership that the company began to shed its reputation as an inveterate clear-cutter, through such compromises. Creighton believed that it was in the company's long-term interest to take a more cooperative approach to environmental issues; he told Business Week in 1995: "Although we own huge amounts of [private] timberland, to some degree we operate at the sufferance of the public." Another environmental concern that Creighton faced was that of salmon runs in the Pacific Northwest, which critics claimed were silted up by heavy logging. Weyerhaeuser studied the effects of logging on 12 Northwest river basins, then formulated plans for minimizing the impact of future logging. In addition, in response to demands that chlorines be eliminated from the paper production process, Weyerhaeuser, as part of its paper mill modernization program, brought in new technology that enabled it to eliminate most chlorines from these mills.

MORE ADDITIONS AND
SUBTRACTIONS

As the 1990s continued, Weyerhaeuser made additional moves that altered the company's operational makeup. The company bought 240,700 acres of timberland in the U.S. South in December 1995, then bought 661,200 acres in Mississippi and Louisiana and two sawmills early the following year. Later in 1996 Weyerhaeuser sold its facilities in Klamath Falls, Oregon, and 600,000 acres of forest to U.S. Timberlands for $309 million. This divestiture was part of a company strategy to return to its core Douglas fir processing activities, as the Klamath Falls acreage consisted mainly of ponderosa and lodgepole pine trees. In a further narrowing of the company's focus, Weyerhaeuser sold its mortgage company subsidiary and its Canadian chemical business in 1997. Also that year, the company made its first investment in the Southern Hemisphere, purchasing for $185 million a 51 percent interest in a joint venture in New Zealand that held 193,000 acres of fast-growing softwood timberlands.

In late 1997 Creighton retired and was succeeded as CEO and president by Steven R. Rogel, who became chairman as well in April 1999, taking over for the retiring George Weyerhaeuser. The appointment of Rogel, who had previously served as CEO and president of rival Willamette Industries, Inc. of Portland, Oregon, was a departure for Weyerhaeuser, which had never before chosen an outsider to run the company. Rogel had earned kudos for his tough-minded restructuring efforts at Willamette and was expected to focus on improving Weyerhaeuser's profitability, which had been on the decline since a peak in 1995 of $799 million. Rogel's focus on margins was likely to result in a further narrowing of Weyerhaeuser's interests; along these lines the company in early 1999 announced that it would table a proposed expansion of its pulp capacity and in April 1999 announced an agreement to sell its composite products business and a ply-veneer plant to SierraPine Limited. At the same time Weyerhaeuser was expected to increase its global presence, and in 1999 it opened plants in Mexico and in Wuhan, China, and acquired timberlands and sawmills in Australia through a limited partnership.

BLOCKBUSTER DEALS FOR
MACMILLAN BLOEDEL (1999)
AND WILLAMETTE (2002)

The biggest immediate impact of Rogel's hiring, however, stemmed from two blockbuster purchases as the new leader counted on acquisitions and consolidation to drive future growth rather than the building of new capacity. In November 1999 Weyerhaeuser acquired MacMillan Bloedel Limited in a stock swap valued at approximately $2.2 billion. Based in Vancouver, British Columbia, MacBlo (as it was known in its home country) had at one time been the largest forest-products company in Canada. With a history dating back to 1901, MacBlo at the time of its purchase by Weyerhaeuser operated three containerboard mills, 19 packaging plants, three oriented strand board (OSB) mills, nine lumber or plywood mills, and 31 building materials distribution centers. (An alternative to plywood, OSB was a multilayered board made from wood strands "oriented" in various directions; the strands were held together by a mixture of wax and resin and compressed under intense heat.) The firm also held ownership or harvesting rights to 6.9 million acres of forestland in both Canada and the United States.

Through the MacMillan Bloedel deal, Weyerhaeuser also acquired a 49 percent stake in a joint venture called Trus Joint MacMillan, a Boise, Idaho, producer of homebuilding products made out of wood strands and sheets of veneer. In January 2000 Weyerhaeuser acquired TJ International Inc., thereby gaining full control of Trus Joint. The total purchase price of $874 million included $142 million in assumed debt. In its continuing effort to further focus on core areas, Weyerhaeuser sold its Marshfield, Wisconsin-based door manufacturing business in 2000, and it also shut down four corrugated packaging plants as part of its efforts to consolidate the MacBlo acquisition, the efforts aiming to ultimately secure $150 million in annual savings through merger synergies. Also during the year, a charge of $82 million was recorded in relation to the settlement of a class-action lawsuit concerning defective hardboard siding the company had sold from the early 1980s through 1996.

The second blockbuster deal of the Rogel era entailed a protracted hostile takeover battle that commenced in November 2000. That month Weyerhaeuser offered to acquire Willamette Industries, where Rogel had worked from 1972 to 1997, for $5.3 billion in cash, or $48 per share. Willamette firmly rejected this offer and several more that followed. In 2001, however, Weyerhaeuser gained three seats on the Willamette board through a proxy battle, but this only prompted Willamette to enter discussions in late 2001 with Georgia-Pacific Corporation on some sort of business combination with that firm's building-products units. However, in January 2002 Willamette backed away from a deal with Georgia-Pacific because of concerns over the company's asbestos liabilities and instead agreed to be acquired by Weyerhaeuser for $55.50 a share. The deal closed in June 2000 at a final price of $8.1 billion, which included $1.8 billion in assumed debt.

The purchase of Willamette added operations that had generated $4.65 billion in sales in 2000. Willamette had owned 1.73 million acres of timberland and produced building materials, composite wood panels, fine paper, office-paper products, corrugated packaging, and grocery bags. Rogel set a goal of $300 million in savings achieved through consolidation by early 2005. Toward this goal and to pay down the company's swelling load of debt, which stood at around $13 billion following the Willamette deal, Weyerhaeuser closed a number of facilities and divested various assets over the next few years. Among the closures were four wood products facilities and six containerboard, packaging, and recycling facilities in 2002; eight wood products plants, one containerboard mill, and one packaging facility in 2003; and one wood products plant and two packaging facilities in 2004. Thousands of jobs were cut from the workforce. Between 2002 and 2004 Weyerhaeuser sold 817,000 acres of timberland in Washington, the Carolinas, Tennessee, and Georgia.

During this same period, the company weathered the biggest downturn in the forest products industry in half a century. Struggling through this difficult economic period saddled with a heavy debt burden, Weyerhaeuser eked out small profit totals of $241 million and $277 million in 2002 and 2003. By the end of 2004, however, debt had been cut to around $10.6 billion, and as the economy began turning around that year, Weyerhaeuser achieved record profits of $1.28 billion on revenues of $22.67 billion, a 14 percent increase over the previous year.

Weyerhaeuser continued closing operations and selling assets in 2005. The firm either closed or placed for sale 40 facilities, operations, and machines. The largest divestment that year centered on the British Columbian coast. Weyerhaeuser sold to Brascan Corporation 635,000 acres of private timberlands, the annual harvesting rights to 3.6 million cubic meters of timber on land owned by the provincial government, and five lumber mills, for a total of $970 million. The company also sold its French composites business in 2005. Connected primarily with the divestments and closures were $560 million in after-tax charges, resulting in reduced net income of $733 million for the year. Yet Weyerhaeuser was also able to cut its debt by an additional $2 billion, to $8.26 billion.

In April 2006 Weyerhaeuser combined its five wood products units—engineered wood, structural panels, plywood, lumber, and distribution—into a new division called iLevel. Another noncore operation was jettisoned in July 2006 when the company exited from the composite panels business by selling its six U.S. composite mills to Markham, Ontario-based Flakeboard Company Limited. That same month, Weyerhaeuser's homebuilding unit began scaling back its construction plans in several sections of the country as a national housing slowdown continued to unfold. Then the following month Weyerhaeuser announced a plan for its largest divestiture since taking over Willamette. The company planned to spin off its fine paper operations, a unit that had generated $2.4 billion in revenues during 2005, to its shareholders as a new company, which would then be merged into the Canadian firm Domtar Inc. Prior to the merger, the Weyerhaeuser spinoff would pay the company $1.35 billion in cash. Divesting the fine paper unit was expected to enable Weyerhaeuser to concentrate on areas with greater growth potential, including wood products, containerboard and packaging, pulp, timberlands, and real estate.

Ellen NicKenzie Lawson

Updated, Jeffrey L. Covell;

David E. Salamie

PRINCIPAL SUBSIDIARIES

Columbia & Cowlitz Railway Company; DeQueen & Eastern Railroad Company; Fisher Lumber Company; Golden Triangle Railroad; Jasmine Forests, LLC; Jewell Forests, LLC; Mississippi & Skuna Valley Railroad Company; Norpac Resources LLC; Texas, Oklahoma & Eastern Railroad Company; Westwood Shipping Lines, Inc.; Weyerhaeuser de Mexico, S.A. de C.V.; Weyerhaeuser Forestlands International, Inc.; Weyerhaeuser International, Inc.; Weyerhaeuser Products Limited (U.K.); Weyerhaeuser (Asia) Limited (Hong Kong); Weyerhaeuser Brasil Participações Ltda. (Brazil); Weyerhaeuser China, Ltd.; Weyerhaeuser Europe Holdings (Ireland); Weyerhaeuser Holdings Limited (Canada); Weyerhaeuser Company Limited (Canada); MacMillan Bloedel Pembroke Limited Partnership (Canada); Weyerhaeuser Australia Pty Ltd.; Weyerhaeuser New Zealand Inc.; Weyerhaeuser (Hong Kong) Limited; Weyerhaeuser Japan Ltd.; Weyerhaeuser Korea Ltd.; Weyerhaeuser Taiwan Ltd.; Weyerhaeuser Uruguay S.A.; Weyerhaeuser (Mexico) Inc.; Weyerhaeuser Raw Materials, Inc.; Weyerhaeuser Real Estate Company; Weyerhaeuser Real Estate Development Company; Weyerhaeuser Sales Company.