Weyerhaeuser Company has called on the US government to take “quick action” to address the country’s current financial crisis.
It said that “passage of legislation is vital to the health and preservation of jobs in all sectors of the economy”, with developments in the housebuilding and capital markets also severely hindered.
A multi-billion dollar financial rescue package is currently being deliberated in the US, with the Senate giving its backing to the emergency legislation on Tuesday.
“Weyerhaeuser urges members of the US Senate and House of Representatives to support legislation that will re-instill confidence and stability in the financial markets,” said chief executive officer Dan Fulton.
“The current tight credit market is a significant barrier to functioning capital markets, new home construction and capital-intensive businesses.
“This further aggravates the impacts of the already depressed housing market, which is a significant market for Weyerhaeuser – from timberlands and residential wood products businesses to our home building companies.”
During the second quarter, Weyerhaeuser recorded a loss of US$96m, compared with earnings of US$32m in the same period in 2007. Sales were down by US$724m across the board.
