0000106535-17-000034.txt : 20170719 0000106535-17-000034.hdr.sgml : 20170719 20170718201148 ACCESSION NUMBER: 0000106535-17-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170718 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170719 DATE AS OF CHANGE: 20170718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEYERHAEUSER CO CENTRAL INDEX KEY: 0000106535 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 910470860 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04825 FILM NUMBER: 17970472 BUSINESS ADDRESS: STREET 1: 220 OCCIDENTAL AVENUE SOUTH CITY: SEATTLE STATE: WA ZIP: 98104 BUSINESS PHONE: 206-539-3000 MAIL ADDRESS: STREET 1: 220 OCCIDENTAL AVENUE SOUTH CITY: SEATTLE STATE: WA ZIP: 98104 8-K 1 a2017form8-kitem80171817.htm FORM 8-K Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
July 18, 2017
(Date of earliest event report)
 
 

WEYERHAEUSER COMPANY
(Exact name of registrant as specified in charter)
 
 
 
 
 
 
 
Washington
 
1-4825
 
91-0470860
(State or other jurisdiction of
incorporation or organization)
 
(Commission
File Number)
 
(IRS Employer
Identification Number)

220 Occidental Avenue South
Seattle, Washington 98104-7800
(Address of principal executive offices)
(zip code)
Registrant’s telephone number, including area code:
(206) 539-3000
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 






TABLE OF CONTENTS
 
 
Item 8.01
Other Events
 
Item 9.01
Financial Statements and Exhibits
 
SIGNATURES
 
 
EXHIBIT 99.1
 






Section 8 - Other Events
Item 8.01.    Other Events
On July 18, 2017, Weyerhaeuser Company issued a press release concerning its TJI® Joists with Flak Jacket® Protection I-joist product. A copy of the press release is filed as Exhibit 99.1 to this report.
Section 9 - Financial Statements and Exhibits
Item 9.01.    Financial Statements and Exhibits
(d) Exhibits.    The following item is filed as an exhibit to this report.
Exhibit No.    Description






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
WEYERHAEUSER COMPANY
 
 
 
 
By:
 
/s/ Kristy T. Harlan
 
Name:
 
Kristy T. Harlan
 
Its:
 
Senior Vice President, General Counsel and Corporate Secretary

Date: July 18, 2017





EXHIBIT INDEX



EX-99.1 2 exhibit991pressrelease.htm EXHIBIT 99.1 PRESS RELEASE Exhibit




For more information contact:
  
Analysts - Krista Kochivar, 206-539-4080
 
  
Media - Andrew Siegel, 212-355-4449


Weyerhaeuser issues statement regarding TJI® Joists with Flak Jacket® Protection

SEATTLE, July 18, 2017 - Weyerhaeuser Company (NYSE: WY) today announced it is implementing a solution to address concerns regarding its TJI® Joists with Flak Jacket® Protection product.
The company has determined that recent customer feedback regarding an odor in certain newly constructed homes is related to a recent formula change to the Flak Jacket coating that included formaldehyde-based resin. This issue is isolated to Flak Jacket product manufactured after Dec. 1, 2016, and does not affect any of the company’s other products.
Flak Jacket Protection is a coating applied to I-joists to enhance fire resistance, and it is not widely in use. The product is present in the basements of approximately 2,200 houses in various stages of construction in limited markets. Most of the houses are not yet occupied.
Weyerhaeuser is working proactively with its customers to address this situation and will cover the cost to either remediate or replace affected joists. The company has halted all production, sales and shipments of the product, and is collecting unused product from customers.
“We deeply regret the disruption and inconvenience this situation has caused,” said Doyle R. Simons, president and CEO. “Our top priority is to take care of our customers and their customers. We are absolutely committed to doing the right thing and resolving this situation as quickly as possible.”
The company expects the before-tax costs associated with resolving this issue to be approximately $50-60 million and a reserve will be recorded in the second quarter of 2017.
Weyerhaeuser notes that the company has sold a total of approximately $9.0 million of the Flak Jacket product since December 2016, representing less than one half of one percent of the company’s total Wood Products sales. For the full year 2016, Weyerhaeuser reported net sales of $6.4 billion. 
About Weyerhaeuser
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control more than 13 million acres of timberlands, primarily in the U.S., and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products. Our company is a real estate investment trust. In February 2016, we merged with Plum Creek Timber Company, Inc. In 2016, we generated $6.4 billion in net sales and employed approximately 10,400 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

FORWARD LOOKING STATEMENTS
This news release contains statements relating to one of the company’s manufactured wood products that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including with respect to the company’s estimates of remediation costs and related charge against earnings the company expects to record for the second quarter 2017 and the scope of the products distribution and use in homes. These statements generally are identified by words such as “expects,” “approximately,” and “will,” and similar words and expressions. These statements are based on our current expectations and assumptions and are not guarantees of future results or developments. The accuracy of our expectations and assumptions is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These




risks and uncertainties include without limitation the extent and scope of use and distribution of the affected wood product, and the actual costs of remediation. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.