19.11.09. Weyerhaeuser revealed that it was returning to the offensive, opening its first factory in Europe, after a year marred by mill closures as the timber giant revealed it had escaped a fourth successive quarterly loss.
The US group said it would in 2012 complete work on plant in Gdansk, Poland which will supply cellulose fibres primarily to Procter & Gamble's European babycare operations.
While the factory, which will employ 45 people, is small relative to the group's existing North American facilities, it interrupts a retreat which has seen Weyerhaeuser continue to cut costs in domestic operations, and sell assets, to bolster finances sapped by recession.
"Weyerhaeuser is committed to investing in, and carefully growing, business segments that add value to its timberlands portfolio," Dan Fulton, the Weyerhaeuser chief executive, said.
"We expect worldwide demand for cellulose-based products to increase over the longer term."
Woodland sale
In the July-to-September quarter, the group's cellulose division, whose fibres are used in making products from bandages and ice creams, reported pre-tax profits of $166m, more than double those a year before, helped by environmental tax credits.
And it expected a similar performance in the last three months of the year, underpinned by firm fibre prices.
However, the group's wood products and real estate divisions remained in the red, hurt by the slump in US housebuilding, and look likely to remain so in the current quarter.
A doubling in pre-tax profits at Weyerhaeuser's core forestry unit in the third quarter reflected the sale of 140,000 acres of US woodland, with timber revenues curbed by a decision to defer fellings while prices remain low.
'Fragile market'
The woodland disposal, coupled with tax benefits, helped the group creep back to breakeven in the period, after three successive quarters in the red.
The group a year before reported earnings of $280m.
"With three of our four business segments linked closely to US housing starts, this recession continues to affect our financial performance," Mr Fulton said
"Although we saw signs of improvement in the housing sector early in the third quarter, the market remains fragile. In response, we continue cutting costs and improving operations to weather the prolonged downturn and emerge a stronger company when the housing market eventually recovers."
Weyerhaeuser shares close down 3.1% at $36.34 on a week day for New York shares.
Fuente: agrimoney.com
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