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Timber Company Weyerhaeuser Slashes Dividend
Topics:Stock Market | Corporate News
Companies:Weyerhaeuser Co | Companies
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Timber giant Weyerhaeuser [WY
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], which has been losing money because of the moribund U.S. housing market, is cutting its quarterly dividend to 5 cents from 25 cents.
The reduced dividend is payable on August 31 to shareholders of record at the close of business July 31, Weyerhaeuser said Tuesday. At the end of March, the Federal Way, Wash., company reported some 211.4 million shares outstanding.
The company, which lost more than $1 billion in the last quarter, cut its dividend to 25 cents from 60 cents in December 2008.
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