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Stock Market & Financial Investment News

News Breaks
January 7, 2014
07:03 EDTWYWeyerhaeuser sees non-cash impairment charge of $300M in Q4
On November 4, Weyerhaeuser announced that the company and Weyerhaeuser Real Estate Company, an indirect wholly owned subsidiary of Weyerhaeuser, had entered into a Transaction Agreement dated as of November 3 with TRI Pointe Homes and one of TRI Pointe’s subsidiaries, Topaz Acquisition. Pursuant to the Transaction Agreement, Weyerhaeuser will distribute all the shares of common stock of WRECO to its shareholders (i) on a pro rata basis, (ii) in an exchange offer or (iii) in a combination thereof. Immediately following the Distribution, Merger Sub will merge with and into WRECO, with WRECO surviving the Merger and becoming a wholly owned subsidiary of TRI Pointe. Under the terms of the Transaction Agreement, certain assets and liabilities of WRECO and its subsidiaries relating to Weyerhaeuser’s real estate business are excluded from the transaction and retained by Weyerhaeuser, including assets and liabilities relating to a large master planned community north of Las Vegas, Nevada. The Coyote Springs Property has a current consolidated book value of approximately $370M. Home construction, sale and related development at the Coyote Springs Property have been delayed pending further market recovery. As a result of the transactions contemplated by the Transaction Agreement, Weyerhaeuser’s management has determined that the company’s strategy for development of the Coyote Springs Property will differ from WRECO’s current development plan. Consequently, Weyerhaeuser’s management has concluded that it will recognize a non-cash charge for the impairment of these assets in 4Q13. At this time, Weyerhaeuser estimates that the non-cash impairment charge relating to the Coyote Springs Property will likely be in excess of $300M. Comments taken from an 8-K filing.
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August 26, 2014
18:37 EDTWYWeyerhaeuser announces plans to move headquarters to Seattle
Weyerhaeuser announced it will move its headquarters from Federal Way, Wash., to 200 Occidental Avenue in Seattle, Wash. The move will occur in mid to late 2016 when construction of the new building is complete. "There are two main drivers for this decision, which we made after thorough analysis of various options for the location of our headquarters," said Doyle R. Simons, president and CEO. "First, our 430-acre campus in Federal Way is costly and too large for our needs. Second, moving our headquarters to Seattle will give us access to a larger talent pool to meet future recruiting needs, not just in this region, but from across the country." The company will divest the land and buildings it owns in Federal Way, Wash.

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