Weyerhaeuser Completes Sale of North American Composite Panels Business to Flakeboard

Federal Way, Washington, USA, 31 July 2006 -- /PRNewswire/ -- Weyerhaeuser Company (NYSE:WY) today announced it has completed its sale of the North American composite panels business to Flakeboard America Limited, a U.S. subsidiary of Flakeboard Company Limited.

Terms of the transaction were not disclosed.

In the transaction, Flakeboard has acquired mills in Albany, Oregon; Bennettsville, South Carolina; Eugene, Oregon; Malvern, Arkansas; and Simsboro, Louisiana. The mills, which produce medium density fiberboard (MDF) or particleboard, have the capacity to produce a total of 1.1 billion square feet annually.

Flakeboard is a Delaware corporation headquartered in Fort Mill, South Carolina. Flakeboard Company Limited is headquartered in Markham, Ontario, Canada, and currently has manufacturing facilities in Ontario and New Brunswick.

Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2005, sales were USD 22.6 billion. It has offices or operations in 18 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com/ .