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February , 2009
North America’s largest lumber producer, Weyerhaeuser posted a loss of $1.2 billion in the fourth quarter of last year. It also announced more layoffs. Kristian Foden-Vencil reports.
The Federal Way, WA company announced the shut-down of two mills in Aberdeen just a couple of weeks ago, with the loss of 220 workers.
Now, it says it will indefinitely shut down a veneer and a lumber mill in Alabama -- affecting another 300 employees.
The $1.2 billion loss is the company’s largest ever, and comes as a result of poor sales of new homes and a lack of residential construction.
Turmoil in the financial markets also played a part.
Shares of Weyerhaeuser traded up about 2.5% on the news. But the stock is down nearly 60% over the last year.
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