FEDERAL WAY, Wash. (AP) — Forest products company Weyerhaeuser Co. said Monday it agreed to sell its iLevel European engineered wood products unit to Finnish timber products company Finnforest for an undisclosed sum.
Weyerhaeuser said the sale will allow it to focus on its core North American residential wood products business. The company will maintain its cellulose fibers business in Europe.
The divestiture comes after a difficult third quarter: Net income for the Seattle-area company fell 55 percent to $101 million from the comparable 2006 period.
Finnforest is a division of wood and paper products company Metsaliitto Group.