Weyerhaeuser reports $96M loss, layoffs planned

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Weyerhaeuser reports $96M loss, layoffs planned

10:13 AM PDT on Tuesday, August 5, 2008

Associated Press

FEDERAL WAY, Wash. -- Weyerhaeuser reports a quarterly loss of $96 million. That compares with a $32 million profit a year ago.

Sales fell 16 percent. And the company also announced Tuesday that it was cutting 1,500 jobs in Federal Way, Wash.

The CEO of the Federal Way wood products company, Daniel Fulton, blames the loss on "unprecedented conditions in the housing market" and high fuel prices.

Fulton says Weyerhaeuser is restructuring for future growth. It completed the sale this week of its packaging unit to International Paper for $6 billion.

In the first half of this year Weyerhaeuser stock fell about 30 percent. Shares are up about 1 percent in this morning's trading.