Safety is a core value at Weyerhaeuser. We are focused on ensuring the health and safety of our employees, continuing to serve our customers, and doing our part to help prevent the spread of the virus. We want to thank our employees, customers and other partners for their flexibility and support in managing through this challenging time.
Health and Safety
In early March, we halted all domestic and international company air travel, canceled all large meetings, and advised our employees not to gather in groups.
All employees across our company whose jobs allow for telework are working remotely.
We have provided each of our sites with detailed health and safety guidance so they can be prepared to manage through this evolving situation and maintain business continuity. This includes increasing the frequency and intensity of cleaning at all facilities, following vigilant hygiene protocols, practicing social distancing, staggering work schedules when possible, and following other best practices to limit the risk of exposure.
We have tools in place to help employees identify and report COVID-19 symptoms and/or exposure, and we have strict protocols in place to respond to these reports, including quarantine guidelines and a contact tracing process.
Our crisis management team continues to closely monitor new developments and guidance from health authorities in the U.S. and Canada. This cross-functional team meets each week to discuss updates and information, address employee questions and concerns, respond to customer and vendor requests, and determine any further actions needed.
Essential Worker Status
Through this crisis, many states have issued stay-at-home orders, which often include exceptions for industries that are considered critical for society to function in times of emergency. The U.S. Department of Homeland Security has issued guidance to state governors to help them determine which workers should be deemed essential during this crisis. Our operations have been exempted from these restrictions so that we can continue producing and distributing building materials and wood fiber that support critical infrastructure projects and other important products.
Financial and Operational Actions
We’re staying in close contact with our customers, vendors and contractors to ensure we can continue to safely work together and meet customer needs through this pandemic.
On March 30, we announced several financial and operational actions we are taking to manage through these uncertain market conditions. These include reducing capital expenditures, refinancing debt, and adjusting operating capacity at several manufacturing facilities to better match production volumes to demand.
On May 1, we announced additional actions we’re taking to preserve liquidity and financial flexibility, including the temporary suspension of our quarterly dividend, discretionary expense reduction, and a reduction in executive compensation for the remainder of the year. We also confirmed that efforts to balance production with demand will continue as needed.
Communication and Community
We are in constant communication with our employees about developments and new guidance, including providing a dedicated resource page on our intranet.
We’re directing our philanthropic giving committees to prioritize organizations that are best equipped to serve the needs of our communities during this crisis, and we’ve set aside additional funding for those committees to access if needed.