(New throughout, adds comments from executive, adds dateline)
MONTEVIDEO Oct 12 Real estate investment trust
Weyerhaeuser Co said on Wednesday it was exploring
strategic alternatives, including a possible sale, for its
timberlands and manufacturing operations in Uruguay.
The Uruguay operations include more than 300,000 acres of
timberlands in northeastern and north central Uruguay, a plywood
and veneer manufacturing facility, a cogeneration facility and a
seedling nursery, the company said.
"This is a strategic revision with various possibilities:
one is a sale but another is maintaining operations just as they
are today," the company's South America Director Alvaro Molinari
Weyerhaeuser has been restructuring its business since it
bought Plum Creek Timber Co Inc in February, combining
the two largest owners of timberland in the United States.
Since then, Weyerhaeuser has said it would sell its pulp
business to International Paper Co for $2.2 billion and
its liquid packaging unit to Nippon Paper Industries Co Ltd
for about $285 million.
Weyerhaeuser said this month it would sell its North Pacific
paper unit to private company One Rock Capital Partners LLC.
Molinari said the business has recovered since the 2007-09
world financial crisis.
"We are in a challenging year but there have also been
opportunities," he said. "From the market point of view, we have
hit the bottom and we are now starting to rebound."
He said more than 90 percent of Weyerhaeuser's output in
Uruguay is exported, mostly to the United States and Mexico.
(Reporting by Anet Josline Pinto in Bengaluru and Malena
Castaldi in Montevideo; editing by Sriraj Kalluvila and David