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FEDERAL WAY, Wash. - Timber and wood products producer Weyerhaeuser Co. said Thursday it will take $300 million to $325 million in second-quarter charges because of the slumping housing market.
| WY | 54.64 |  0.89 |
In addition, Weyerhaeuser said its containerboard packaging and recycling division was hurt by storms and flooding in the Midwest that forced some production facilities to shut down and reduced its ability to ship goods for a period of time. A containerboard mill in Cedar Rapids, Iowa, that has been offline for two weeks is expected to resume work in July.
The company said the charges "resulted from decisions to lower prices or abandon projects in response to the continued deterioration of the housing market."
Weyerhaeuser plans to release its second-quarter results Aug. 5.
Its shares rose 71 cents to $50.90 in after-hours trading. The stock dropped $2.65, or 5 percent, to $50.19 in the regular session.
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