Weyerhaeuser CEO: Lumber Supply Disrupted In Sandy's Aftermath
From flooded homes to fallen trees and widespread power outages, there's sure to be a huge rebuilding effort following superstorm Sandy, but Weyerhaeuser CEO Dan Fulton reports one of its lumber production facilities has temporarily shuttered and several distribution facilities are not yet online.
(See: Scenes From Hurricane Sandy.)
"The distribution facilities are in good shape physically, but because of the weather, we're not operating today," Fulton told CNBC's "Fast Money Halftime Report." "We're hoping to bring shifts on this evening in order to begin supplying our customers and our schedule is really going to be a function of how quickly our customers can get up and get back in business."
Weyerhaeuser, one of the world's largest forest product companies, operates distribution facilities throughout the East Coast with locations in Easton, Pa., Pittsburgh, Pa., Richmond, Va. and Baltimore, Md. Fulton said Weyerhaeuser also has a lumber production facility in West Virginia, which experienced a lack of power Tuesday due to snowfall.
"The Northeast is a big market for us and we're poised to deliver products when they're needed," Fulton said, adding the rebuilding efforts following Sandy will likely create some "short-term disruption" to the supply of lumber and wood products, which could affect the U.S. housing market. "Supply channels are tight, production channels are strong and we expect that momentum to continue into the quarter."
Read on for Complete Coverage of Sandy
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CNBC.com with wires.