Japanese stevedores to buy Westwood Shipping
Weyerhaeuser has agreed to sell its Westwood Shipping Lines subsidiary to J-WesCo, a holding company formed by a consortium of Japanese stevedore companies.
In a letter to customers issued over the weekend, Westwood President Guy C. Stephenson said the new buyers have been key service providers to Westwood for more than 25 years.
“With this change of ownership Westwood will continue to present operations with its fleet of seven ships operating in the Japan, Korea, China and Pacific Northwest gateways. All of our customers' needs will continue to be met — it will be business as usual,” he said.
The company said it expected to close the deal Aug. 31.
Westwood operates con-bulkers that are capable of carrying a mix of oversized cargo, containers and breakbulk forest products.
Weyerhaeuser said in its annual report that it includes Westwood’s revenues in a category called “corporate and revenue.” That segment had sales of $253 million, an $88 million increase from 2009. The company said the 53 percent increase “primarily consisted of increased revenues generated by our Westwood Shipping operations as a result of higher volumes and prices.” Weyerhaeuser's total revenue in 2010 was $6.55 billion.
In 2010, Westwood sold five short line railroads.
Japanese stevedores to buy Westwood Shipping
