Weyerhaeuser to partially shut two mills
Federal Way, Wash.-based Weyerhaeuser said it will close parts of two mills in Louisiana and Georgia. Federal Way, Wash.-based Weyerhaeuser said it will close parts of two mills in Louisiana and Georgia.
The company will convert its plywood operation in Dodson, La., to a veneer manufacturing operation effective Oct. 26, and will stop veneer production at its Colbert, Ga., mill within the next 30 days. The Colbert site will continue to be used for beam construction, the company said.
“There’s a shrinking demand for plywood and an increasing availability of alternative products,” said Cathy Slater, vp-veneer technologies. “We made the decision after a thorough review of short-term and long-term demand for our plywood panels and to further integrate dry veneer into our engineered lumber products.”
Weyerhaeuser will release its third-quarter earnings statement on Oct. 31.
Fiber Composites completes purchase of L-P business
Decking, railing and fencing company Fiber Composites has completed its purchase of Louisiana-Pacific’s (L-P) WeatherBest decking and railing business. Terms of the deal were not disclosed.
The acquisition, announced in July, includes L-P’s WeatherBest brand and a manufacturing facility in Meridian, Idaho.
The 175,000-square-foot facility also will be used to manufacture Fiber Composites’ existing brands, including Fiberon, Veranda and Portico decking and railing systems.
Fiber Composites, based in New London, N.C., was founded in 1997.
Bombay Company secures financing
Bombay Company has obtained debtor-in-possession (DIP) financing for $115 million, following an earlier bankruptcy filing with the U.S. bankruptcy court in Fort Worth, Texas.
The troubled specialty home decor retailer will receive DIP financing from GE Corporate Lending and GE Canada Finance.
“We are proceeding with the restructuring plans as outlined in our filings E and we continue to operate our business as usual during this process,” said David Stewart, Bombay CEO.
In its earlier filing with the U.S. District Court, Bombay said it had $239.4 million in assets and $173.4 million in debts as of May 5.
Bombay designs, sources and markets home decor products through 384 retail outlets and an e-commerce site.