Press release from Business Wire
Weyerhaeuser Shareholders' Vote Clears Path for REIT Conversion
Friday, April 16, 2010
Weyerhaeuser Shareholders' Vote Clears Path for REIT Conversion11:00 EDT Friday, April 16, 2010 FEDERAL WAY, Wash. (Business Wire) -- Yesterday Weyerhaeuser Company (NYSE: WY) announced it has received shareholder approval to issue a significant number of shares to enable the payout of its Earnings and Profits to shareholders in conjunction with its conversion to a Real Estate Investment Trust (REIT). No timetable has been set for the conversion and Earnings and Profit payout, however, the Board of Directors has previously stated that the earliest and most likely timing would be in 2010. The Board of Directors also announced, when the Earnings and Profit payout occurs it intends to distribute the maximum amount of stock allowable under the Internal Revenue Code. For 2010, the IRS allows a 90% stock distribution of Earnings and Profits. “The REIT structure best supports our strategic direction,” said Dan Fulton, President and CEO. “We appreciate the approval by shareholders which will allow us to take the necessary steps to complete the conversion process.” Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2009, sales were $5.5 billion. It has offices or operations in 10 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction and development. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com.