Shareholders of the Weyerhaeuser Company and the Plum Creek Timber Company have approved the merger between the two companies, which will now be operating under the name Weyerhaeuser, as well as will be traded in the New York Stock Exchange under the WY symbol.
"This is an exciting day for Weyerhaeuser as we bring together the best assets and talent in the industry," said Doyle R. Simons, president and CEO. "In the coming months, we will be relentlessly focused on creating value for our shareholders by capturing cost synergies, leveraging our scale, sharing best practices, delivering the most value from every acre, and driving operational excellence. I look forward to being part of this outstanding team as we work together to be the world's premier timber, land and forest products company."
According to their press release in PR NewsWire, the combined company will have the ownership of more than 13 million acres of diverse and productive timberlands, as well as will operate 38 wood products manufacturing facilities across the United States.
With the merger, the combined company will have a board of directors that will be composed of eight board of directors from Weyerhaeuser Company and five from the directors of Plum Creek Timber Company. The list of the board of directors includes: Rick R. Holley (non-executive chairman), David P. Bozeman, Mark A. Emmert, Sara Grootwassink Lewis, John I. Kieckhefer, John F. Morgan Sr., Nicole W. Piasecki, Marc F. Racicot, Lawrence A. Selzer, Doyle R. Simons, D. Michael Steuert, Kim Williams, and Charles R. Williamson.
Weyerhaeuser Company is a real estate investment trust that was founded in 1900 and is now considered to be one of the largest private owners of timberland in the world. The company is also one of the largest manufacturers of wood and cellulose fibers products.
Weyerhaeuser and Plum Creek have generated approximately $8.5 billion in net sales in 2015 and has employed nearly 14,000 people who serve customers worldwide.
