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Weyerhaeuser sells Quadrant Homes, earns Corporations for Communities award
Mirror staff reports:
Federal Way-based timber giant Weyerhaeuser Company has announced the sale of its homebuilding division, which includes the local Quadrant Homes.
The sale to TRI Pointe Homes Inc. is worth about $2.7 billion. This includes a $700 million cash payment to Weyerhaeuser, according to the company.
The sale will allow Weyerhaeuser to focus on "forest products businesses to deliver further value to our shareholders,” said CEO Doyle Simons in a news release.
In June, the company had announced it was considering selling the homebuilding division WRECO (Weyerhaeuser Real Estate Company). WRECO ranks among the top 20 homebuilders in the country and brought in $1.1 billion in revenue in 2012 — a 28 percent increase, according to a report in the New York Times. WRECO includes five main homebuilding subsidiaries:
• Quadrant Homes (Puget Sound area)
• Pardee Homes (California and Nevada)
• Maracay Homes (Arizona)
• Trendmaker Homes (Texas)
• Winchester Homes (Maryland and Virginia)
Weyerhaeuser is a real estate investment trust, and timber holdings are the company's main asset, with most profits going to investors. In 2012, Weyerhaeuser Company generated $7.1 billion in revenue and employed about 13,200 people.
The company's headquarters in Federal Way features the Pacific Rim Bonsai Collection, which is one of the city's top tourist attractions.
Corporations for Communities
Weyerhaeuser in Federal Way was one of five Washington companies that received the Corporations for Communities award in October from Secretary of State Kim Wyman. The ceremony took place in her office.
"A Corporations for Communities nominee last year, (Weyerhaeuser) has created local programs for employees to contribute to affordable housing, education and youth development, environmental stewardship and human services," according to the Secretary of State's website. "Weyerhaeuser has collected more than 750,000 diapers as part of its companywide Operation Diaper Drive to support low-income families. It also has partnered with World Vision to provide disaster supply kits and lumber donations to rebuild disaster areas."