Weyerhaeuser Announces Curtailments and Reduction of Capital Expenditures in Response to COVID-19 Pandemic
WEYERHAEUSER PROVIDES COVID-19 BUSINESS UPDATE
Weyerhaeuser has provided an update on the actions that they are taking in response to the COVID-19 pandemic. Devin W. Stockfish, president and CEO said, “We have taken significant steps to protect the health and well-being of our employees, consistent with Weyerhaeuser’s core values. Safety will remain the top priority in every decision we make as we continue to serve our customers.” Citing the broad-based uncertainty over the impact of the COVID-19 virus, Weyerhaeuser will reduce lumber operating capacity by 20% for April. This will be achieved by a combination of temporary mill curtailments and a reduced shift posture. There will also be a 15% cut in capacity for OSB and a 15%-25% cut in capacity for engineered wood products. Weyerhaeuser has also announced that it is cutting capital expenditures for 2020 by $ 70 – $ 90 million.
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