Weyerhaeuser Announces Resolution of Work Stoppage in Oregon and Washington

Rhea-AI Summary

Weyerhaeuser Company (NYSE: WY) announced the resolution of a work stoppage with the International Association of Machinists and Aerospace Workers union affecting approximately 1,200 employees in Oregon and Washington. The new contract approval will restore operations at all sites, enhancing job security and benefits for employees. CEO Devin W. Stockfish emphasized Weyerhaeuser's commitment to providing safe jobs with competitive wages. In 2021, the company reported $10.2 billion in net sales, highlighting its significant position in the timber and wood products industry.

Positive

• Resolution of work stoppage allows for the resumption of normal operations.
• New contract enhances job security and benefits for approximately 1,200 employees.
• Company's commitment to safe and reliable jobs is reiterated by the CEO.

Negative

• None.

Normal operations to resume with approval of new contract with IAM

SEATTLE, Oct. 28, 2022 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced the successful resolution of a work stoppage involving members of the International Association of Machinists and Aerospace Workers union in Oregon and Washington. Weyerhaeuser has approximately 1,200 employees who are members of IAM, including employees in the company's Wood Products and Timberlands organizations, and the approval of a new contract will result in the restoration of operations at all sites.

"We know this has been a difficult process for everyone involved, and we have appreciated the patience and professionalism of all parties as we worked through the negotiation," said Devin W. Stockfish, president and chief executive officer for Weyerhaeuser. "Our people are what make Weyerhaeuser special, and we are committed to providing safe, reliable jobs with competitive wages and benefits that support our employees and their families. We believe this contract accomplishes those goals, and we are excited to welcome everyone back and resume normal operations as soon as possible."

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands 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 in America. Our company is a real estate investment trust. In 2021, we generated $10.2 billion in net sales and employed approximately 9,200 people who serve customers worldwide. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com. 

For more information contact:
Analysts – Andy Taylor, 206-539-3907
Media – Nancy Thompson, 919-861-0342

 

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SOURCE Weyerhaeuser Company

FAQ

What was the reason for the work stoppage at Weyerhaeuser?

The work stoppage involved negotiations with the International Association of Machinists and Aerospace Workers union.

When was the work stoppage resolved for Weyerhaeuser?

The work stoppage was resolved on October 28, 2022.

How many employees were affected by the Weyerhaeuser work stoppage?

Approximately 1,200 employees in Oregon and Washington were affected.

What is Weyerhaeuser's stock symbol?

Weyerhaeuser's stock symbol is WY.

What financial figure did Weyerhaeuser report in 2021?

Weyerhaeuser reported net sales of $10.2 billion in 2021.