Weyerhaeuser to pay $34.5 million settlement
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Manufacturing News, Source : TheManufacturer.com
Published : 09 Mar 2004 16:48
Federal Way, WA-based forest products company Weyerhaeuser announced today that it has agreed to pay a settlement of $34.5 million in an antitrust suit.
The lawsuit, brought by four hardwood lumber mills and filed in the US District Court in Portland, OR, alleged that Weyerhaeuser had monopoly power, or attempted to gain monopoly power, in the Pacific Northwest market for alder saw logs and finished alder lumber. Weyerhaeuser admitted no liability in the settlement. The lawsuit had alleged damages of more than $100 million.
Two similar antitrust cases against Weyerhaeuser are scheduled to go to court on May 11 and June 1, said Weyerhaeuser in a statement.
Weyerhaeuser also announced last week that it intends to sell three wood products mills in Chester, SC; Moncure, NC; and Barnesville, GA. The mills employ about 610 people combined.
Weyerhaeuser is a 104-year-old company with annual sales of $19.9 billion. It employs about 57,000 people in 18 countries.
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