Weyco will lay low. (Cuts in Spending).(Weyerhaeuser Co. is likely to hold off on major acquisitions until debt is lowered)(Brief Article)
Official Board Markets, May, 2003
Weyerhaeuser Co. probably won't make any major acquisitions until it reduces debt, Chief Financial Officer Richard Taggart told an analyst conference in New York last week. He adds that the company is getting some relief from lower energy prices and foreign exchange effects. Weyerhaeuser wants its debt as a percentage of total capitalization to slide again to between 30 and 40 percent within three to five years of the Willamette Industries takeover, which was completed last year.
The figure is around 56 percent now, Taggart says. For 2003, Weyerhaeuser says it has budgeted a decrease in capital spending to $750 million, down from $960 million last year though still higher than in 2001. The company reiterated that it is well ahead of schedule with...
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