Weyerhaeuser Company's Board of Directors says it has authorized the exploration of strategic alternatives for its Cellulose Fibers business. The Board intends to consider a broad range of alternatives, including continuing to hold and operate the business or a sale or spin-off of the business.

"The people and assets associated with our Cellulose Fibers business are some of the finest in the industry," said Doyle R. Simons, president and CEO. "We have consistently improved the performance of this business while continuing to meet the needs of our worldwide customers. We believe now is the right time to evaluate all options to ensure the best long-term results for this business and at the same time create the most value for our shareholders by further focusing our portfolio."

The company's Cellulose Fibers business includes five pulp mills, two modified fiber mills, one liquid packaging board facility, and one publishing papers joint-venture facility.

The company noted that there can be no assurance that the board's evaluation process will result in any transaction or that any transaction, if pursued, will be consummated.

Weyerhaeuser Company is one of the world's largest private owners of timberlands, began operations in 1900.