FEDERAL WAY, Wash. (AP) -- Timber company Weyerhaeuser Co. said Friday that it will sell a division that makes wooden building products to a holding company for an undisclosed sum.
Weyerhaeuser said it has signed a non-biding letter of intent to sell its Trus Joist Commercial division to Greenwich, Conn.-based Atlas Holdings.
The deal would include four manufacturing plants in California, Ohio and Oregon, along with 13 sales and engineering offices. The unit has 428 employees.
The transaction is expected to close in the fourth quarter.
Shares of Weyerhaeuser fell $1.40, or 2.9 percent, to $46.55 in morning trading. The stock earlier hit a new year low of $45.10. The stock has ranged from $46.19 to $78 over the past 52 weeks.
