On June 29, 2001, West Fraser Timber Co. Ltd. sold its Uruguayan subsidiaries and related debt to a joint venture between Weyerhaeuser Company and institutional investors advised by UBS Timber Investors. The subsidiaries hold as their principal assets plantations of intensively managed eucalyptus and pine trees. Sale proceeds to West Fraser were approximately $73 million.
West Fraser was represented by Larry Hughes (corporate), Peter Botz (corporate and tax) Candice Alderson (corporate) and Don Mainland (corporate) of the Vancouver office of Lang Michener. John Leaman of Guyer & Regules in Uruguay also represented West Fraser. Weyerhauser was represented by in-house counsel Claire Grace, and UBS was represented by Michael Glanz of Foley, Hoag & Eliot LLP in Boston. Brad Sakich and Mike Kauffman of Pricewaterhouse Coopers LLP advised West Fraser on international tax matters.