My bad, it was Weyerhaeuser's response to current conditions put out Monday. The price looks appealing, yet the timing might be wrong.
Weyerhaeuser cuts FY20 capex by $70M-$90M
Weyerhaeuser provided an update on actions it is taking in response to the COVID-19 pandemic.
In response to recent changes in customer sentiment and order flow, Weyerhaeuser is dynamically adjusting operating capacity at certain of its manufacturing facilities. For the month of April, the company expects to reduce operating capacity by approximately 20% for lumber, 15% for oriented strand board, and 15% to 25% for engineered wood products through a combination of temporary mill curtailments and reduced shift postures.
The company is taking precautionary steps to further strengthen its balance sheet and maintain financial flexibility and liquidity by: Limiting or deferring non-essential operating expenses; reducing 2020 capital expenditures by approximately $70-90 million; and increasing cash on hand by $550 million through a draw on its revolving credit facility, which expires in January 2025 and has $950 million of capacity remaining.
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